Elliott Wave Update – NQ – May 13, 2021

Thursday’s trade adhered to yesterday’s analysis fairly cleanly. The NQ did move down and put in a new low at 12911 which looks to be the completion point for wave 3 or C as I continued to build the near and mid term picture. I’ve updated the labelling and added a second level of Fibonacci resistance points. Off of the overnight low the NQ is now in the process of tracing out an A-B-C corrective bounce which will be put in a wave 4 or B. I am continuing to run the preferred and alternate count together until the market tells which it is putting in. Expectations for Friday are: under the preferred count is for the c wave advance to take the NQ to the first zone to complete the move at 13243 to 13255. The second zone for completion comes in from 13430 to 13468 and the third zone to complete comes in from 13502 to 13546.