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.
May 19, 2022
Thursday’s trade was to be expected as the ES finished a quick 5 waves ...