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 9, 2022
Thursday’s trade was surprising and amazing. Surprising in the depth of the late sell ...