Elliott Wave Update – NQ – May 17, 2021

Monday’s trade started to give additional information that helps to clean and hone in on what to expect. I have updated the labelling with regards to the end point for the Intermediate wave 3 advance putting it at the current all time high 14064. This suggests that the NQ is tracing out an Intermediate wave 4 correction. I am now leaning towards that an a-b-c decline off the highs completed minor wave A of 4 with wave B of 4 still underway. The upside scenario suggests that wave a of B is complete and possibly today’s low at 13180 completed wave b of B. That then leaves wave c of B to complete – wave c will form its own 5 waves. The most common relationship between waves A and C are that they are equal in length. That level is at 13694. The second most common is that wave C will be .618% of wave A. That level is at 13492.