October 6, 2021

Elliott Wave Update – NQ – October 6, 2021

Wednesday’s trade produced another basically up trending day.  The NQ finished the regular session at Tuesday’s highs at 14758 and has continued to move higher at the start of Globex reaching 14830 thus far.  I have adjusted the Elliott count and labeling to reflect the moves.  As previously discussed the break above 14764 does extend the Minor wave 2 correction that I had previously labeled as complete at 14835. I have moved once again the completion point for Minor wave 1 to the low at 14370.  Subsequently the rally off the low is wave ‘a’ of 2. The decline to the globex low at 14422 has been marked as the completion point for wave ‘b’ of Minor 2.  Wave ‘c’ then is still underway and I would believe it is prudent to allow for additional upside to reach Fibonacci resistance for wave ‘c’ at 14885 to 14896 with an extension, if it occurs, reaching resistance at 14851.  There is a cluster of resistance at 15006 to 15095.  Once complete my expectations remain the same in that a sharp downside reversal should begin in the form of an Intermediate wave 3 decline.  Downside projections will be updated once Minor wave 2 is complete, but we have thus far continues to point to a break below 14000 taking place over the near term.