Friday’s trade produced a race higher under light volume. Buyers that had large quantities to fill at the market easily pushed the NQ up over 100 points making the 15000 level look benign. I again review the long term charts in preparation of what is coming very shortly. Taking a 30,000 foot view the NQ is staring down the barrel at a Cycle wave 4 to begin. This would remain in the picture no matter if the NQ tops at 15200 or 16200 the correction would still be expected to drop prices back to the area of the March 2020 lows. I also have return to ground level and updated the Elliott count to reflect the current movement. For Monday, I am still looking for the completion of a subminute wave 5 and in turn the minute wave 3. However, it appears that subminute wave 5 is also subdividing and raises the potential for the rally to pick up and take the NQ to 15200 and above. In uncharted territory it will become more difficult for large market orders on the buyside to find a Point of Control in which to get filled. This is make the rally look unbelievably strong and money wise it will be just that. Oh and BTW that works in both directions – moneywise it can fill your coffers or empty them in a hot minute and I mean that literally. I updated upside Fibonacci targets as well — expectations for now remain for the upside trend to continue — corrections will likely be shallow.
For those that have not taken advantage of the offer to receive free access to the first four chapters, (lectures) of my e-book – You Are Your Own Guru – Click here for access using the code GURU4.