Monday’s trade was for the better part of the session “user friendly,” by staying with my current analysis and following thru on reaching new all time highs. The Elliott count remains the same but the degree levels have dropped to sub sub minute. I am still counting 5 wave sequences up with 3 wave sequences being corrective. Each new high though, brings from the sub sub minute to the minute to minor to intermediate to primary degrees to their respective completion points. This is where I get more granular because as we move higher into uncharted territory the more dependent I become on the Fibonacci extensions and the Elliott/Fibonacci intra-wave relationships. The building block nature of Elliott Wave and the combination of Fibonacci levels has produced several key “intra-wave” relationships that begin to shine in “uncharted territories.” My expectations remain for the market to ultimately get closer to 14200 before sub sub minute wave 3 is complete. This suggests that we have a small series of “4th and 5th” waves to complete before pulling back in a larger correction. So, downside should likely remain “shallow” until stronger resistance at 14180. Ultimately though, I am giving a higher probability of the NQ “popping” above 14200 to test the oxygen level!
June 14, 2021