Thursday’s trade gave us additional information that should play out over the next several sessions. The preferred count remains the front runner and the Elliott labelling has been updated. The NQ did reach a new all time high at 14064 and the 245 point sell off straight off the high gave evidence that we can pin 14064 as the high and completion point for wave “b” and a “c” wave decline is now underway. Fibonacci levels have been updated to reflect the 14064 high. Expectations remain for a minor wave 5 advance to take the NQ to additional new highs with potential for a extended rally reaching 14400 to 14700. I will be able to define and narrow the ranges as the sequence begins.
April 29, 2021