July 1, 2021

Elliott Wave Update – NQ – July 1, 2021

Thursday’s trade did produce a new high for the NQ at 14606.75.  The question remains as to whether this level completed the subminute wave 5 or did it complete subminute wave 3.  That unfortunately will remain an open question until the market let’s us know.  I have left the labelling as is at least thru tomorrow, but I’ve included Fibonacci extensions that suggest subminute wave 3 completed at 14606.75 and by doing so it does add an additional few points to upside targets.  If the NQ still has additional upside to complete pullbacks should remain shallow.  The make or break level (for the current sequence) remains at 14422.  A break below this level before new highs would negate the move up for now.  Upside should again find stair step type resistance levels starting at 14618, 14652, 14678 t0 14701 to 14728. Both 14652 and 14728 represent Fibonacci 62% levels – the first being where subminute wave 5 would be equal to 62% of the length of subminute wave 3.  The second level at 14728 is where minute wave 5 would be 62% of the length of minute wave 3.  Both would carry an equal probability of completing the sequences.