Elliott Wave Update – NQ – May 23, 2021

Friday’s trade helped put the top in for wave B of minor 4. The one hundred point decline off the high gave stronger support that wave C of minor 4 is now underway. Wave ‘c’ will form a 5 wave structure down and the early globes low today may have complete wave 1 of c. If this is the case look for a small bounce higher, (an a-b-c structure) to form wave 2. I have drawn the Fibonacci extensions to lay out support levels and levels which could complete wave ‘c’ and in turn the minor wave 4 correction. Support levels come in at 13298 to 13250, 13130, 12995 to 12860 and then 12750 to 12665. Wave ‘c’ would be equal in length to wave ‘a’ at 12420 which is the most common relationship between ‘a’ and ‘c’ waves.