Friday’s trade did take the path of the “alternate” view presented on Thursday’s update. The NQ began to rocket higher straight off the opening bell unobstructed by any serious selling until the last hour when the sellers took a stand and dropped the NQ 100 points. The Elliott wave labeling has been update to include the internal structure of wave “b” of minor wave 4. If Friday’s high remain in place the expectations would remain that wave “b” is complete and wave “c” is underway. “C” waves are always 5- wave structures – support to complete wave “c” gets stronger starting at 13688 and then 13609 with the strongest zone below at 13522, 13503 and 13468. Once minor wave 4 is complete the advance should resume and take the NQ back to new all time highs.
April 26, 2021