Thursday’s trade again presented its challenges. On an Elliott basis it has brought me back to my alternate view. I have not moved it to preferred status, but the next session or two should let me know if the tops are in or if we indeed have another run for the gold ring ahead of us. Tonight though, I have relabelled the chart to reflect the alternate view. As I have previously discussed there remained the potential for the NQ to be tracing out a prolonged a series of 3 wave structures producing a more complex flat Minor wave 4 correction. I’ve also commented on the challenge the NQ was tossing me in terms of a count. The market has arrived at the point I believe will clear that up. If the NQ moves above 15000 it would be completing 5 waves up off of the globex low at 14710 and would negate the preferred count presented yesterday. If the NQ holds below 15000 and picks up the decline again with periods of downside acceleration and eventually breaking below 14800 it would negate the alternate count presented today. We should have an answer by tomorrow or Monday.
August 19, 2021