Thursday’s trade was picture perfect in terms of the moving averages being in alignment and the NQ holding the trend (up) for the day. The NQ reached the first target to complete wave “c” of b at the zone between 13490 to 13525. It is too early to tell where or not wave c is complete and in turn wave “b” of 4. Within wave “c” I can best count today’s highs as the completion point for the wave 3 of “c”, which suggests a small 4th wave correction followed by an additional 5th wave advance to complete wave “c” and agin in turn wave “b” of 4. Upside targets remain at 13620 and 13698, but these levels do not need to be reached in order to consider or market wave “b” of 4 complete.
May 20, 2021