The combination of Friday and Monday trade does not change current analysis. The NQ did move to Thursday’s 13741 high but the buyers were unable to generate any pre holiday momentum dropping into the close. The pattern in progress continues to suggest that trade off of the 13741 high is corrective. Within that developing a-b-c decline – waves ‘a’ and ‘b’ are complete with wave ‘c’ now underway. Fibonacci levels are included for the balance of wave ‘c’. Expectations would be for a quick drop to the zone at 13600 to 1350 before the small wave 4 is complete and yields to a 5th wave up.
May 31, 2021