Elliott Wave Update – NQ – April 20, 2021

Included in tonight’s update – the Elliott count has been updated. The break below 139772 today negated the previous count where I was looking for a small wave 2 correction before the advance resumed. The break today brings a revision to the count in that I have moved the completion point of minor wave 3 to the 14059 high. That suggests that the correction in progress is a minor 4th wave. The internals suggests two possibilities. That the entire wave 4 correction is nearly complete needing a new low below the lows already seen in the globes session. Should this be the case the advance should pick up again and begin to take prices higher eventually moving above 14059. The second possibility is that the additional low needed would complete wave a of minor 4 with a (b) wave advance next up and then followed by a (c) wave decline. The structure of the correction thus far keeps open the potential for an A-B-C “flat” correction which is where wave B moves back to the area of the highs and wave C declines to the area of the low of wave A. We will need to keep both working together to allow the market to let us know which is occurring. For tomorrow I am looking for a new low to be put in place — support levels included in the podcast – the advance may remain choppy with sudden rallies and declines expected. Longer term expectations remain in place for the larger advance to pick up again and take the NQ to new all time highs. But I am keeping a close watch for signs that the market has completed the larger advance and has started lower in a Cycle level wave 4.