Elliott Wave Update – NQ – May 5, 2021

Wednesday’s trade was fairly in line with current analysis with a small hiccup this morning. Expectations were for the small 4th wave to complete – the market did pop above resistance that I was expecting to not be reached – but the high 13,665 was strongly rejected by the market and pinned a “sturdier” top in place for wave 4 and gave way to the start of the small 5th wave decline to get started. Expectations remain for this small wave 5 to trade below yesterday’s 13380 low and we still have a strong Fibonacci support zone at 13340 to 13325. Once complete I would expect the market to basically start by picking up the pace to the upside. More on that when it begins.