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Elliott Wave Update – NQ – August 25, 2021

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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.

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