• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – NQ – September 1, 2021

Elliott Wave Update – NQ – September 1, 2021

Wednesday’s trade was again on the slow side under lite volume.  The market however continued to consolidate above 15600 after an early run to an additional new high at 15699.  I did go back and review my Elliott count and labeling and have switched it up a bit.  In the process though I have not violated any of Elliot’s rules and I am maintaining the longer term trend.  I did this due to the trading action on Monday and Tuesday.  The intensity of the rallies and the thrusts higher were more consistent with a 3rd wave.  Therefore I have made the necessary adjustments as follows:  Minor wave 4 remains in place with its completion point still at 14712. The high at 15397 is the completion point for minute wave 1 of Minor wave 5.  The low at 15255 is the completion point for minute wave 2 of Minor wave 5.  From that low minute wave 3  began and has reached its completion point at today’s 15699.  The market may have completed minute wave 4 at the 15612 at the start of globex tonight.  For now though, it is best to leave open the potential for another dip down to 15600 to 15590 which is where the hourly 50 MA sits.   Fibonacci resistance for Minor wave 5 and in turn Intermediate wave 5 have also been updated.  Expectations haven’t really changed in that I have been leaving open the potential for the NQ to rise again and push towards resistance at 15800 to 15808, that level has expanded slightly and the next zone comes in at 16033 to 16068 .  A push through that resistance levels takes resistance to and above 16202 to 16360 with additional cluster of resistance at 16437 to 16475.


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.