Elliott Wave Update – NQ – May 18, 2021

Tuesday’s trade wasn’t all that exciting until the last two hours of trade. During overnight trade the NQ did manage to get back to 13432 before starting lower again. This doesn’t do enough to warrant a change in labelling yet. So I am continuing to view the NQ as being in the process of tracing out wave “c” of the Intermediate wave 4 correction. If wave “c” is in progress as discussed yesterday it would be likely within wave 3 of c, which suggests the decline will accelerate. That did begin today which lends strength to the count being correct. Also included today are Fibonacci levels that correspond with a larger C wave in progress and where expectations are for its completion.