Thursday’s trade did appear to put the balance of the 2nd a-b-c decline into place at the early low at 14941. The rally off the low gave support to this being the case. With that in mind I have added labelling to reflect the 2nd a-b-c marking the completion of subminute wave 2. This then suggests that the NQ is now pushing higher in the beginning stages of a subminute wave 3. Resistance levels on the way up start at 15122, 15165, 15195 – 15220. Subminute wave 3 would be equal to subminute wave 1 at 15302 and that would remain the optimal level for subminute wave 3. Pull backs along the way should be on the shallow side as the rally builds. Ultimately, I continue to expect the NQ to reach above 15400 to 15500 with potential to extend towards the 15700 area.
August 12, 2021