Wednesday’s trade gave us an additional new high at 15397, which on the hourly chart looks to have completed a small 5 waves up off the 15309.50 low from globex on Tuesday. I have moved the completion point for minute wave 3 of Minor wave 5 to today’s 15397 high suggesting the minute wave 4 correction is underway. The pull back should continue with first support at 15333 and then 15309. The “no break” level remains at 15000. I have added the final layer of Fibonacci extensions estimating the completion point for minute wave 4 being 15310. Ultimately I still expect the NQ to rally up into resistance starting at 15438 and then 15517 to 15557 with potential for an extended run to 15581 to 15645.
July 1, 2022
Thursday’s trade was more in “trend” which does for many make for a nicely ...