Friday’s trade was not as enthusiastic or disappointed as I thought after the Fed meeting in Jackson Hole. Nonetheless, the NQ did manage to rally above 15400 and save for one blip below that level held it for the majority of the session. The Elliott count has not changed, but I have added some labeling to show the progression of the minute wave 5. Thus far I have labeled subminute waves 1 – 4 as complete which suggests one last rally to new highs would be needed to complete the sequence. Resistance remains above at 15455 to 15467 with additional zones above as marked on the chart. I need to add though, the possibility that the rally off of 15255 may end up being subminute wave 1 of minute 5, which would suggest a much stronger move higher is underway. Too early to tell which option is in force, so as always I’ll need to wait until the market tells me.
August 29, 2021