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  • Elliott Wave Update – NQ – July 28, 2021

Elliott Wave Update – NQ – July 28, 2021

Wednesday’s trade was fairly uneventful even with earnings from FB and PYPL as well as the Fed meeting results and conference call with Chairman Powell.  Although the Fed announcement did send what sort of appeared to be “fat finger” sell orders or a trader who believes “no change” means “sell all”.  In any case, FB didn’t “hit one out of the park” with earnings.  They were not bad, the company continues to make money, but some of the forward guidance likely didn’t sit very well with the long term vision of some.  PYPL also seemed to disappoint with the stock down $22 in after hours trading.  Back at the ranch – I’m having doubts that minute wave 4 is complete at yesterday’s 14774.25 low as previously discussed.  The NQ now has formed and likely put into place a series of 3 wave patterns to form and complete wave ‘B’ of minute 4.  This being the case expectation would include a ‘C’ wave down to complete the correction.  I would expect some acceleration to the downside and that may likely happen during the Globex session.  The initial Fibonacci extensions shows support coming at 14711, which would for me be the minimum retracement.  What takes precedence over price is structure.  All ‘C’ waves form 5 waves in this case down.  For now then, bounces should be on the shallow side while wave ‘C’ tracks its way lower. Support below 14711 comes in at 14625, 14570, and 14487.


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