Elliott Wave Update – NQ – May 19, 2021
Wednesday’s trade initially started in globes to continue to push lower reaching below 13000 which fit neatly into current analysis. Once the U.S. session got underway the buyers moved in from the opening and eventually negated the downside count I was using. This occurred on the break and close above 13183. However, all is not lost – the NQ looks to be moving up to complete the “b” wave within the larger Intermediate wave 4 correction. Yesterday’s alternate view turns into today’s preferred view in that the NQ is likely to continue higher reaching up towards 13500 before completing the “b” wave and turning lower as wave “c” of 4 begins to unfold. Expectations remain for the Intermediate wave 4 correction to complete with an additional strong decline reaching ultimately between 12700 and 12200. First though I’ll look for the current small advance to complete into the resistance zone at 13490 and 13515.