August 5, 2021

Elliott Wave Update – NQ – August 5, 2021

Thursday’s trade in the NQ continued to have an upward bias as the current subminute wave 3 continued to subdivide.  The last hour or so saw the push I needed to see to give some confirmation as to upside intentions.  The NQ did push to a new all time high twice today first at 15166 and then 15172 at the close.  This gave much needed support to the rally continuing, but I would be remiss if I didn’t include the economic figure many are hanging their hat(s) on when it comes to direction.  Tomorrow’s unemployment statistics will more than likely give us the final piece of information.  If the market rejects the number I would expect a severe reaction from the swarm of sellers hitting the NQ.  Again if this is the case it would likely cause me to move the subminute wave 1 label to today’s highs, with any serious selling being a part or all of a subminute wave 2 correction.  If the number is better received by the market I would expect a rush to buy pushing the NQ to additional new highs and a run towards resistance at 15220 to 15241.  Additional resistance comes in at 15302 to 15360.  Downside support remains at 15155, 15121, 15082.  Additional support below comes in at  14875, 14922, and 14811.  A break below 14811 drops support to 14720, 14665, 14579 and then 14441.