Today’s trade gave us more information as to direction and structure. The Elliott wave count has been updated – the NQ remains in the process of tracing out a minor wave 4 correction . Within wave 4 – waves (a) and (b) are complete with this afternoon’s news driven plunge being the arrival of wave (c). Wave C will consist of 5 waves with waves 1-3 complete and a small wave 4 bounce still in progress. That suggests an additional wave 5 down to complete the sequence is to be expected. Updated Fibonacci extensions are included as well as points of confluence within support zones.
April 23, 2021