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.
August 18, 2021