Wednesday’s trade was more fluid than Tuesday and the market did produce a new highs above 14800 reaching 14884. This level marked the completion point for the subminute wave 3 and the beginning point for the subminute wave 4 correction. While the NQ did trim 150 points off the high it appears that it was only wave ‘a’ of 4 with wave ‘b’ of 4 still unfolding. This suggests there remains a ‘c’ wave decline to come before the correction is complete. Support just below 14722 should be exceeded with additional support at 14662 being the likely completion point. Expectations remain for the NQ to pick up the advance within the context of a subminute wave 5. Ultimately, the market should push to new highs above 14884 and stair step its way towards 14950 to 15020 before all sequences of the advance are complete and the market is ready to begin the larger expected Primary wave 4 correction.
July 7, 2021