Tuesday’s trade was profitable in terms of trading, but not adding much to the preferred count. However, it did give me the opportunity to review my Elliott count starting on the monthly chart. Today I changed the degree levels starting on the monthly chart. By doing so it changed the degree levels all the way up to the current hourly count. Let me know what you think. The markets remain well supported with a fairly strong bias to the upside. Which could be resolved with an additional move to the next resistance zone at 13800 to 13850. Downside pressure is being absorbed above 13600 for now, The alternate count as presented today would suggest that the NQ is in the process of tracing out a minor wave 5 advance with the current sequence being wave 3. This suggests that new highs would be expected before the larger sequence is complete.
May 26, 2021