Interesting day in the markets. In the Globex session the NQ did put in a very small corrective wave followed by another rally with this one reaching above 14000 at 14029. The ensuing decline broke below wave 1 of the sequence which negated the decline being a small degree 4th wave decline. This brought us to revise the larger count whereby the Globex high at 14029 complete minor wave 3 with the ensuing decline being the beginning stages of the minor wave 4 a-b-c decline. Expectations for Thursday are for a small “b” wave rally to be potentially held to below 13900 to 13935. A “c” wave decline should then bring the market back towards a projected zone of 13675, 13664 to 13644. Remember to trade what is happening in front of you. Use the moving averages to provide entry and exits as well as Fibonacci levels. Don’t let an unexpected move to throw you off or worse blow out your account by holding the wrong position. Be flexible and trade using a smart risk/reward profile.
April 14, 2021