Thursday’s trade was very in line with my current analysis that was included yesterday’s update, But – I was not giving it more than a 35% probability of occuring. Once the moving averages got insync it was “to the moon Alice” as the NQ had no problem flying thru higher resistance and creating new highs every tick. The market managed to just barely stay under 14200 putting in today’s high at 14199. Current labelling remains unchanged with the final minute wave 5 up in progress — thus far I can count waves 1-4 complete and wave 5 is underway. As I have discussed previously as each new high is created it is the structure I’m looking at to give me evidence of the degree of completion being reached. The current pattern on the 15 minute chart suggests additional upside with next Fibonacci resistance at 14234 with additional Fibonacci resistance at 14275 being reached. Downside from current levels (14185) should be held above 14060. A break below would likely negate the upside for now.
June 17, 2021