• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – NQ – June 8, 2021

Elliott Wave Update – NQ – June 8, 2021

Tuesday’s trade was picture perfect if you enjoy large swings off of highs that fit current analysis.  As left on last night’s update I was looking for a small 4th wave correction and then a 5th wave up to 13875 resistance and with enough push above 13900.  Got it all within the first few minutes after the opening.  The NQ reached 13917 before bolting lower and falling 145 points in a little bit more than an hour.  So it appears that the first 5 wave sequence up is complete and now labeled as the completed wave 1.  The wave 2 correction is well underway and from what I can see thus far has likely complete waves a and b needing a c wave decline to complete the sequence.  Fibonacci support levels point towards the zone from 13690 to 13636 as the area to complete the correction.  All that is needed though is for the “c” wave to drop below the low of wave “a” which is 13743.  For now let’s allow the market to tell us and trade what is in front of us.  Once wave small correction is complete expectations are for the rally to pick up the pace and ultimately get above 14000.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.