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  • Elliott Wave Update – NQ – July 8, 2021

Elliott Wave Update – NQ – July 8, 2021

Thursday’s trade overshot expectations for the decline, but did not break any rules.  So I will label it as the completion point for subminute wave 4.  This then suggests that the rally off of today’s lows at 14540 will ultimately form 5 waves up to get the final subminute wave 5 underway.  I can put some tight levels around it as well in that the market would begin to negate the upside for now on a break 14657 and a break below today’s low at 14540 would negate it and throw stronger support to the advance being complete at the 14884 high.  A break below 14422 would strongly suggest the highs are in on all the sequences up to the Primary degree.  That degree of a corrective move would be announced with a strong initial sell off that I believe could easily drop the NQ back below 14000.  For now though there remains a strong probability that NQ will finish the advance sequences with new highs above 14900.


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