Friday’s trade continued to work higher within current analysis. The NQ did complete the small correction during the morning session with the rally picking up again. We are currently within the final minute wave 5 up, which is subdividing into its own 5 wave sequence and within that 5 wave sequence also subdividing. This can be hard to follow but remember Elliott wave produces a series of building blocks of impulse and corrective wave sequences. Also when we start from the bottom up what I feel the market is completing is a Minor wave 5 and in turn an Intermediate wave 5 which in turn will complete a Primary wave 3 which began in October of 2008. In total we are staring down the barrel of a larger Primary wave 4 correction. First though, we need to reach the end points. Monday should continue to see the rally reach up into the Fibonacci resistance area on the hourly chart. Pull back will occur but should be much shallower as the sub – minute wave 3 finishes.
June 13, 2021