• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – NQ – August 17, 2021

Elliott Wave Update – NQ – August 17, 2021

Tuesday’s trade again threw us several curve balls in that the NQ again broke below a level which negated the Elliott count I presented yesterday.  Once the market broke below 14917.25 it negated the rally yesterday completing wave 1 of the advance with the decline being wave 2 – that was negated on the break below 14917.  I need additional information from the market in order to update the count more accurately, but I can say that I am already stepping back and looking at the count from the 14774 low.  There is now a stronger possibility that all of the advancing sequences are complete with the NQ in the very beginning stages of a long term corrective phase.  At the moment, though I’m still willing to give the benefit of the doubt to the NQ in its ability to turn around and head for new highs again.  I’ve updated Fibonacci extensions and went into additional detail on the current count and where things may need to change.  Also please listen to all of the update tonight as I discuss being prepared for the decline that is coming.  I am continuing to run the Summer Promotions for the Logical Signals Trade Room and have extended the date through to the end of September.  This is a great opportunity to take advantage of some great discounts to join an educational trade room.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.