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Elliott Wave Update – NQ – August 4, 2021

Wednesday’s trade was more volatile in the NQ creating larger swings.  I discuss tonight risk as it relates to trading a more volatile market.  The current view remains that a minute wave 5 advance is underway.  Within minute wave 5, subminute waves 1 and 2 are complete.  If this is the current advance is the beginning stages of a minute wave 3 advance which is subdividing.  The NQ appears to be at a make or break level.  Expectations  for the minute wave 3 continuing would be for a push strong enough to get above 15110, 15134, and 15160 before correcting again.  First resistance for the advance sits above at 15220 to 15241 and then 15301 to 15360. The alternate view discussed tonight would suggest that the larger minute wave 5 will form a triangle pattern where all waves will trace out a-b-c structures and form an upward wedge.  If this is the case the NQ would be putting the completion point in for subminute wave 1 of minute wave 5.  Breakpoints on the downside that would tilt the scales towards a subminute wave 2 correction being underway are at 15050 with a break below 15005 sealing the deal for the correction  .  Additional support for wave 2 comes in at 14975, 14960, and 14920.  A break below 14900 would suggest a quick drop towards 14811.


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