Thursday’s trade was ‘bountiful” in that there were plenty of profitable trades for swing traders, day traders, scalpers and everything in between. The NQ does appear to have completed the sub sub minute waves 3, 4, and 4 of sub minute wave 3. This suggests that off of the new high at 14422 the market remains in the process of tracing out sub minute wave 4. The structure will form an ‘a-b-c’ pattern down. Thus far it looks like wave ‘a’ is complete and wave ‘b’ is still in progress. If this is the case an additional small leg up is needed to finish wave ‘b’ and make way for the ‘c’ wave decline to finish the wave 4 correction. Initial Fibonacci retracements for wave 4 suggest a drop back to the support zone at 14310 to 14290. Expectations remain for a finishing minute wave 5 to again bring prices to new all time highs with projection levels to complete above 14500.
June 24, 2021