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Elliott Wave Update – NQ – July 18, 2021

I’m putting a new format in place for the Sunday update.  This will be a longer update where I will update the longer term counts and work my way down to the hourly.  Tonight I go into more detail as I move down the time frames on where I am putting Fibonacci extensions and for what count.  Currently I am still satisfied with moving the degree higher as explained on Thursday’s update.  The NQ remains within a Minor wave 4 correction.  While it is possible to count the a-b-c down as nearly complete – the Fibonacci retracement levels for a Minor wave 4 suggest a larger decline is unfolding.  Support for an extended move allows for a drop down to the 14500 level or as deep as the 14200 area.  A decline to these areas would not negate a Minor wave 5 advance beginning and moving the NQ to new highs above 15000.

 


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