Elliott Wave Update – NQ – March 28, 2021

Updated count continues to favor the decline picking up again with more pronounced follow through via breaking below Fibonacci break levels and the moving averages. Friday’s trade produced a clearer picture for the corrective wave -2 being counted. The structure thus far is marked as a double a-b-c pattern to complete wave -2. Wave -3 down would be expected to show more pronounced and larger sellers. This would be accomplished with a strong uptick in the pace. Alternately, from current levels (12884) the buying would need to be on the size of Friday’s last hour of trade and more persistent. The sellers may hold back with the 13,000 to 13,025 zone being a trigger to resume. Fibonacci resistance come in at 12940 and 13027. A break above 13,100 would again bring the Alternate Count into focus and I’ll review it again should it occur.