Tuesday’s trade brought about a shift in my Elliott count for the NQ. The break lower today led me to label the 15708.75 high as the completion point for all of the advancing sequences on a minute, Minor, Intermediate, Primary and Cycle degree. This then suggests the decline off of the 15708.75 high is the initial 5 waves down to kick off the larger correction. Support for the initial 5 wave sequence comes in at 15328, 15211, 15093 and 15007. Ultimately I would expect this initial sequence to reach 15007 to 14713 before a stronger bounce takes place.
September 14, 2021