Monday’s trade was slow and cumbersome at times. The NQ did continue to its move lower during Globex reaching support at 15003 and it did pick up the advance again and did manage to break back above 15100 but couldn’t muster the energy to lift above the high at 15172. The Elliott count remains the same and I have moved the subminute wave 1 back down to its original position and moved the subminute wave 2 also back to its original position. The high at 15172 has now been labelled as wave 1 of subminute wave 3 and the decline to the globex low as all wave 2 of subminute wave 3 or part of. It depends on whether the move off 15003 while carrying a more upward bias follows thru to the upside and breaks to new highs as wave 3 of subminute wave 3 takes over. Short of the occurring I need to leave open the possibility for wave 2 of subminute wave 3 dropping lower in a ‘c’ wave with a drop down to 14973. If this is the case wave 3 of subminute wave 3 would be expected to take over and accelerate upward with new highs more certain. If the market breaks to new highs first it would be the wave 3 of subminute wave 3 and if this is the case it does carry the potential for a run to resistance at 15330 before the next correction takes over.
August 9, 2021