Elliott Wave Update – NQ- May 16, 2021

Friday’s trade continued to follow current analysis. Sunday’s start to globe brought additional buying initially. For Monday we need to continue to allow for additional upside to reach resistance at 13429, 13502 and then 13530. A break with follow through above 13530 would begin to tilt the Elliott count to the lows at 12911 from last week as being the completion point for the A-B-C decline, with the next 5 wave advance underway and new highs then become possible. For now though, I am continuing to view the market as being in a larger corrective phase with the current rally yielding to an additional 5 waves down bringing prices below 12911 and on down to support at 12700.