• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – NQ – June 22, 2021

Elliott Wave Update – NQ – June 22, 2021

Tuesday’s trade was exactly what we needed to eliminate the 2 downside scenarios for.  The NQ did pick up the rally again after giving the obligatory “head fake” opening to the downside briefly. Once the buy side was established the market had little trouble moving to the previous high at 14205 and once thru it put the pedal to the metal reaching 14279 which was just shy of  resistance at 14289.  The Elliott labelling has been added to show the development of minute wave 5.  Wave 5 is subdividing where sub waves 1 and 2 are complete and wave 3 is well underway.  Expectations are for two series of 4th and 5th waves to push the advance over 14300 and possibly 14400 before wave 3 completes – Once that occurs an additional slightly larger 4th wave correction followed by the finishing 5th wave reaching above 14500 is likely.  Having said all of this — remember it remains critical to continue to trade whats in front of you.  Continue to use Elliott and Fibonacci on the smaller time frame charts — keep the moving averages in view as guidance.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.