• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – NQ – August 8, 2021

Elliott Wave Update – NQ – August 8, 2021

Friday’s trade was on one level very disappointing and on another level very revealing. I have again taken a step back to look more closely as to the current and alternate views for the NQ.  I have switched the labelling around to look more closely towards each alternate view that carries a stronger probability of being in force.  So, let me recap what I do feel remains in place. The NQ remains in the process of tracing out a Minor wave 5 advance that began off of the July 19th low at 14445.  Within Minor wave 5, I have counted as complete minute waves 1 and 2, 3, and 4.  The current advance which took over off of the July 29th low at 14811 is what is giving me cause to pause.  I have discussed previously the potential for the final minute wave 5 up to form a diagonal triangle and wedge itself higher.  If this is the case it would suggest that Friday’s high at 15172.50 complete subminute wave 1, with the current decline being part of a subminute wave 2 correction.  This view fits cleaner as the market continued lower breaking below the hourly 200 MA.  The correction has continued support below at 14990 to 14947 and then 14922 to 14915.  The NQ does have a do not break point below at 14811.  A break there would suggest an alternate view is in force, which suggests the minute wave 4 correction is still unfolding.  The high at 15172 would then be the completion point for wave ‘b’ of 4.  This would also suggest a slide lower breaking the low of wave ‘a’ at 14774 and into support at 14721 to 14667 to complete minute 4.  Both alternate views have equal probabilities of being in force.  Ultimately though, either alternate view would continue to suggest an additional powerful rally to new highs remains in the near term picture for the NQ.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.