August 23, 2021

Elliott Wave Update – NQ – August 22, 2021

Friday’s trade was in line with analysis presented last week in that the NQ did continue to push to resistance levels consistent with a corrective a-b-c bounce higher.  The Elliott labelling would be either a wave 2 or a ‘b’ wave.  While both remain equal on the probability scale, the market may hold steady and move on perception of what the pundits feel about the outcome of the Jackson Hole FED meetings that will be held on Thursday and Friday.  Friday being the news conference with Chairman Powell.  Back at the ranch the current count remains the same in that the high at 15139 did complete all of the advancing sequences up to and including SuperCycle wave 3.  That still puts the NQ in the beginning stages of a SuperCycle degree wave 4 and to take it down one degree a Cycle degree wave A and within that a Primary wave A and in turn an Intermediate wave A.  Ok, to the point, the current labelling can also be suggesting 3 waves down off the 15139 high are complete which raises the potential for an irregular ‘B’ taking the NQ to new all time highs in the zone that just keeps coming up at 15240, 15300 and 15400. Tonights updates covers this potential in greater detail and should it be the case the expected move thereafter.