Wednesday’s trade was singing that oldie but goodie from Led Zeppelin “The Song Remains the Same” since yesterday’s opening. Guess I could say “second verse same as the first” but that would be pushing it — The NQ sits in the same position in that I am continuing to look for an additional drop to below 13742 to complete the small wave 2 correction in force from Tuesday’s opening. Support for the move starts building a zone at 13715 to 13690 and then 13637to 13600. I will be looking for the upper zone to do the trick but a break with purpose would be looking to head to the next zone. Once wave 2 down is complete expectations remain for the rally to pick up again and make it back above 13900 without getting immediately smacked down 100 points. With volumes dropping quickly into the summertime blues it may take longer to actually get things completed.
June 10, 2021