Monday’s trade was right in line with expectations. The NQ did not drop to an additional low under 14313 before launching the next advance. Initially the market ran up and kissed the 14500 level pull back for a bit and then launched again reaching its new all time high at 14519.75 before starting to pull back again. Elliott labelling has been updated for the minute wave 5 currently in progress. The count being shown suggests the NQ is in the final sub minute wave 5 up and still appears to need an additional move up to complete the sequence. Fibonacci resistance forms a zone from 14533 to 14590 and each level has an equal probability of completing the move. The alternate scenario would a larger minute wave 5 is unfolding where the NQ has completed sub minute wave 1 at the 14422 high and wave 2 then finishing at 14313.25. If this is the case the market is move higher in a sub minute wave 3 which again would be expected to find resistance within the zone at 14533 to 14590 with a sub minute wave 4 correction then expected. This also suggests an additional stronger advance taking the NQ up above 15000 before the larger sequences, (minor, Intermediate and Primary) are complete.
June 28, 2021