Monday’s trade followed current analysis cleanly today as the NQ continued to trace out a Minor wave 4 correction. Within Minor wave 4, waves “a” and “b” are complete and within wave “c” waves 1 – 3 are complete with wave 4 nearly so. As globex begins the markets are continuing to push a bit higher so I need to leave room for wave 4 to continue higher into resistance at 14613 to 14667. Expectations for now remain for wave “c” of Minor 4 to finish with an additional decline into a support zone from 14278 to 14190. Ultimately, I am still looking for a Minor wave 5 advance to carry prices back above 14900 and to new highs above 15000 before the larger advancing sequences are complete.
July 19, 2021