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Elliott Wave Update – NQ – September 12, 2021

Friday’s trade did see the markets slide lower with each rally attempt met by rejection and additional downward slides.  For now though I am continuing to view the overall move as corrective and a minute 4th wave.  Within wave 4 – waves ‘a’ and ‘b’ are complete with a ‘c’ wave still in progress.  Within wave ‘c’ it appears that waves 1 and 2 of ‘c’ are complete with wave 3 of ‘c’ still unfolding.  As globex starts the buyers are present and haven’t been rejected just yet.  Unfortunately I would expect a couple of additional rounds of “rejection” as waves 4 and 5 come in to complete wave 3, with an additional 4th wave bounce being followed by wave 5 of ‘c’ again rejecting upside and taking the market lower.  Support for the balance of wave 4 remains at 15422 to 15415 and then 15400.  The “no break zone” is just under this at 15397 to 15389 depending on how the charts are calculated with the roll from September to December taking place.


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