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.
August 25, 2021