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Elliott Wave Update – NQ – July 22, 2021

Thursday’s trade continued to follow current analysis with the NQ moving higher as the minute wave 3 subdivides its way higher.  Within minute wave 3 it appears that subwaves 1 – 4 are complete with the market moving higher into and after the close within the framework of a subminute wave 5 to complete minute wave 3.  Resistance remains at 14975 with the NQ sitting at 14967 as I write this.  Fibonacci resistance at 15005 would be the optimal point for subminute wave 5 to complete as it is where wave 5 would be 62.8% of the length of wave 3, which is the most common Fibonacci relationship between waves 3 and 5.  Expectations for tomorrow include the completion of minute wave 3 and the start of a minute 4th wave correction.


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