• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – NQ – October 11, 2021

Elliott Wave Update – NQ – October 11, 2021

Monday’s trade was somewhat confusing on the opening.  The buyers swarmed in and ran prices up $218.  The move itself extended more than I had anticipated as per my analysis but the afternoon session basically saw the rally be engulfed by a total rejection and then some.  So, I took a step back and looked at the 4 hour and the hourly chart to see that it is all a part of the same series of first and second waves as the Minor wave 3 decline continues to form.  The decline off today’s high gave support to “acceleration” occurring and “pull backs” being shallow which in turn gives support to the “3 of 3” moves now at hand.  Expectations remain for the NQ to continue to experience periods of stronger acceleration to the downside with pull backs being shallow.  If the “3 of 3” moves are in fact unfolding there shouldn’t be stronger rallies as seen this AM.  What is left to unfold are the 3’s followed by 4th and 5th waves.  That should happen a total of 3 times to complete all of the “3 of 3” moves.  Ultimately the NQ should break below 14367 and possibly pause at 13969 but ultimately break below reaching into the support zone at  13575 to 13330 with additional support at 12935.

 


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.