August 11, 2021

Elliott Wave Update – NQ – August 11, 2021

Wednesday’s trade threw another curve ball in terms of the pattern in progress and the near term direction.  After the NQ basically embraced the CPI numbers this morning with a 110 point rally I had with some support put the completion of the wave 2 correction at the globex low of 14976.  The ensuing rally topped out at 15119 with the market beginning to sell off picking up speed along the way and finding support 14963 before turning higher again.  This was the curve ball.  The NQ remains in a corrective phase and today’s rally to session highs at 15119 formed an ‘X’ wave.  A 3 wave series that separates two a-b-c structures.  This then suggests the the NQ is going to put in another a-b-c decline that started off of today’s session high at 15119.  The labelling is updated over yesterday’s where I have again moved the subminute wave 1 to the 15172.50 high, with the correction in progress from that level being subminute wave 2.  Fibonacci extensions have been added to reflect the possible levels for the a-b-c decline in progress now.  Expectations remain for a more sustained rally to again move the NQ to highs above 15200 to 15400 before all degrees of the advance are complete.