Monday’s trade continued to see a push higher with the NQ reaching the resistance zone at 15556 to 15615 and closed towards the upper end of the zone. Off of the 15442 low from last Thursday I had started to count 5 waves up but as I mentioned yesterday I was leaving open the potential for the small subminute wave 1 to be the early globex high at 15452. Monday’s trade made that clear to be the case. This then suggests that today’s rally formed subminute wave 3. It appears that the sub minute wave 4 is underway and should hold above 15585 before the advance picks up again in a subminute wave 5. Wave 5 also has potential to subdivide a few times which could push the NQ into the upper resistance zone between 15641, 15685, and then 15783 to 15802.
August 30, 2021