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  • Elliott Wave Update – NQ – June 20, 2021

Elliott Wave Update – NQ – June 20, 2021

Friday’s trade gave us a new all time high during Globex at 14204.75 and a strong over 100 point downdraft back to the 14000 area.  I’m leaving the current labelling as is for now.  Off of the 13830 low from last Wednesday the market has zipped higher but even with the new highs the structure remains best counted as 3 waves up, which would suggest a small wave 4 was needed – that count was negated when the NQ broke below 14030 on Friday, which would be the end point for wave 1.  Ok, the secondary count suggests that Wednesday’s low at 13830 was the completion point for wave a of IV with the rally to new all time highs being wave ‘b’ of IV which leaves a ‘c’ wave decline down to complete wave IV.  I’ve included Fibonacci extensions to give guidance to wave’c’ by providing support zones and possible completion areas.  Also included today are a discussion on what I need to see from the market to have a cleaner picture for the very near term.


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