Elliott Wave Update – NQ – May 11, 2021
Tuesday’s trade followed yesterday’s analysis with the NQ sliding to a low at 13065 before rebounding. The Elliott count has been updated and reviewed. I do take some time today to discuss how I label the current decline. I also go into detail on how I combine analysis with MA’s in trading and how to anticipate the next wave. As I discussed yesterday, the 3rd wave in progress should and is subdividing. Thus far it has subdivided 4 times which is not uncommon for 3rd waves. Within those subdivisions 2 have completed at the 13065 low. Leaving an additional 2 series of “4th and “5th waves” to complete the sequence which started off of Friday’s 13812 high. Expectations remain for the larger 3rd wave in progress to ultimately break below 13000 reaching a zone to complete starting at 12870 down to 12700, before a larger 4th wave bounce takes over.