Monday’s trade was surprising in that the NQ along with the other markets raced higher with the ES and the NQ pushing to new all time highs early in the U.S. session. Initially the thought was the markets would be slow to range bound as traders took a wait and see posture towards the FED’s Jackson Hole meetings scheduled this week with the press conference being held on Friday at 10 AM EDT. I have moved the “alternate” view to “preferred” status which shows the Elliott labelling to reflect the Minor wave 4 correction completing at the 14710 low on August 19th. Minor wave 5 continues to push higher with the labelling showing minute waves 1 and 2 being complete and minute wave 3 still in progress and subdividing. Thus far subminute wave 3 has managed to push thru several resistance levels created new highs as it broke above 15172, 15235, and 15300 before finding the 15340 area strong enough to hold for today. or most of today. Ultimately the minute wave 3 should continue higher with resistance coming in at 15365 and 15429. Initially I would expect these levels to complete minute wave 3 and set the minute wave 4 correction into motion. Ultimately there remains a high probability for Minor wave 5 to push as high as 15500 to 15560 before the advances sequences are complete.
August 23, 2021