Elliott Wave Update – NQ – June 1, 2021
Tuesday’s trade did give enough information to allow additional labelling. I have updated the labelling which shows that the market has completed or nearly so a double a-b-c correction. As labelled you can see that the 2 a-b-c structure are separated by an “x” wave, which is also a 3 wave pattern. Not the most common corrective pattern but acceptable and often seen during a period of indecisiveness on direction so the correction ends up burning time rather than price. Allowances are needed as to the second ‘c’ being complete — Fibonacci extensions show additional downside support. Expectations remain for the larger advance to pick up again making new highs still very probable.