Tuesday’s trade started off slow and inside yesterday’s range but managed to finish with a pop to new highs at 14584.75. The Elliott labelling has been adjusted as discussed on yesterday’s update in that within the finishing minute wave 5 advance, the subdivisions have been relabelled as shown on the chart. The updated labelling suggests that the NQ is tracing out a subminute wave 3 and is likely to push above 14600 with next Fibonacci resistance at 14657. There remains potential for subminute wave 3 to reach above 14700 before pulling back in a subminute wave 4. There is now a stronger probability the minute wave 5 and in turn minor wave 5 will complete above 15000. It is not unusual for a larger degree advance to finish with a “blow off” type move. This appears to be the case with the NQ as it races to finish the Primary degree wave 3.
June 29, 2021