August 24, 2021

Elliott Wave Update – NQ – August 24, 2021

Tuesday’s trade did produce an additional new high during globex at 15384.  I have labeled it as the completion point for sub minute wave 3 of ‘3’ with a small subminute 4th wave correction in progress.  The NQ may remain more range bound and time consuming as wave 4 continues to unfold.  Thus far support at 15310 has contained the downside with 15384 holding back rally attempts.  For now I’ll continue to keep support at 15310 and then 15281 as support and levels that could complete wave 4 and the beginning of subminute wave 5 of minute ‘3’.  Expectations remain for the minute wave ‘5’ of Minor wave ‘5’ to advance into the zone at 15535 to 15560.  There remains potential for an extended rally to reach higher resistance at 15600 to 15700 before completing.