June 21, 2021

Elliott Wave Update – NQ – June 21, 2021

Monday’s trade was initially a battle of the algorithms in that the opening drove prices to session lows at 13957 within the first 30 minutes which was followed by a rally to early session highs at 14133. All scenarios previously discussed remain equal on the probability scale. At last count there are 2 scenarios for upside continuation and 2 for downside continuation and all have potential to succeed.  The downside count which would entail the minor wave 4 still being in force with a ‘C’ wave decline now underway.  Under that count wave 1 is complete and wave 2 nearly so. If prices hold below 14150 and turn lower wave 2 would be supported in being complete — wave ‘3’ of ‘C’ would then be expected to drop prices back below 13957 and eventually wave ‘C’ would look to complete below 13830. The upside scenarios both carry expectations for new all time highs between  14300 to 14500. The first of the two leaves the completion point for minute wave IV in place at 13830 with a minute wave V in progress.  Within wave V, internal waves 1 and 2 are complete with wave 3 in force off of today’s 13957 low. This would suggest the NQ will pick up the pace to the upside as wave 3 continues and easily push above 14191 and the current high at 14204. Fibonacci levels suggest a move to 14336 possibly completing wave 3.  Again we will allow the market to tell us.