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.
July 8, 2021