Friday’s trade did not see any follow thru to the downside after reaching a low at 14811 during Globex. As discussed on Thursday’s update first support for the NQ to complete the minute wave 4 correction was at the level where wave ‘C’ would be equal in length to wave ‘A’ and that was at 14711, which would have created a new low for the minute wave 4 correction. The subsequent rally off the 14811 low produced enough momentum to bring the market back above 14900 reaching 14980 before dropping lower into the close. Sunday’s globex session is starting with a move higher and as I write this the market has broken above resistance at 14988. I need to keep the potential for a turn lower with a move below 14811 and below wave ‘A’ at 14774. Additional support starts at 14788, 14711, and 14625. A break above 15074 would give strong support to the minute wave 4 correction being complete and the minute wave 5 advance being underway. Resistance for minute wave 5 comes in at 15120, 15191, 15220, and 15245. Additional resistance that could signal the completion of minute wave 5 and in turn the balance of the advancing sequences comes in at 15295, 15426, and 15460. 15426 is where minute wave 5 would be equal to minute wave 3.
August 1, 2021