Elliott Wave Update – NQ – May 10, 2021

Today’s update includes Elliott count updates and Fibonacci level updates, which makes it longer than normal. I encourage folks to take the time and listen to the long term Alternate count where I detail what that count is and where current trading stands within in the long term counts. Monday’s trade did reveal a great deal of information as to the markets intentions and direction. I left it yesterday that for the market to give additional strength to the advance continuing I needed to see a quick move back above Friday’s highs. We got the opposite this morning as the NQ sold off and dropped below 13600 within the first 30 minutes of trading. This effectively negated the short term picture for now. New break levels have been updated for tomorrow as well as Fibonacci levels for both the short, mid and long term pictures. I again encourage listening to all of the update as I discuss trading issues and using Moving Averages more effectively for entry exit and direction.