Wednesday’s trade was quietly range bound. The NQ did however put in an additional all time high at 14315.75. The Elliot count remains in line with wave 3 of 3 completing at the high and wave 4 of 3 in progress now. It appears an additional “c” wave down is needed to complete the small correction and the hourly 50 MA should provide support to complete it. Expectations remain for wave 5 of 3 to bring prices closer to resistance at 14430 before an additional a-b-c correction takes place. Ultimately expectations continue to call for another round of new highs above 14500.
June 23, 2021