Elliott Wave Update – NQ – May 9, 2021
Friday’s trade again performed as expected in that the market did pick up the pace to the upside to give additional support to the minor 5th wave being underway. I have update the preferred count by marking the minute wave 1 complete at Friday’s highs. This then suggests that a minute wave 2 correction is underway or possibly complete. If wave 2 is complete expectations would be for the market to again pick up the pace to the upside and easily break above Friday’s highs and head up towards 14000 as wave 3 unfolds. Fibonacci levels have been added to downside (wave 2 continuing) and upside showing resistance levels for the completion of minor wave 5 and in turn Intermediate wave 5, Primary wave 5 and the Cycle wave 3 advances. As the advance continues higher I will be able to fine tune Fibonacci levels.