July 6, 2021

Elliott Wave Update – NQ – July 5, 2021

Friday’s trade produced an additional new high at 14729 into the last hour of trade. The Elliott labelling suggests that the pull back in progress off Friday’s high is a small 4th wave and should remain on the shallow side with support at 14674 to 14650 likely holding.  A finishing 5th wave up would then be expected to again produce new highs with resistance at 14756 to 14825 the zone likely to complete the subsubminute wave 3.  So again it will feel as if we are stair stepping our way higher as the market completes several series of 4th and 5th waves on several degrees.  Ultimately, there remains strong potential for the advance to continue pushing through resistance at 14836 and into a larger zone of resistance from 14860 to 14940 and then 14960 to 15050 before all sequences of minute, minor, Intermediate, and Primary degrees are complete.