September 16, 2021

Elliott Wave Update – NQ – September 16, 2021

Thursday’s trade continued to follow current analysis in that the NQ remains in the process of tracing out a Minor wave 2 correction.  Within wave 2, (consisting of 3 waves labeled a-b-c), waves ‘a’ and ‘b’ are complete with wave ‘c’ getting underway off of today’s 15359 low.  Thus far within wave ‘c’, which ultimately will form a 5 wave structure, it appears there remains an additional wave up to come.  Resistance for the completion of wave ‘c’ comes in at 15562 to 15572 with additional resistance at 15622 to 15633.  Either zone has an equal probability of being reached.  Once wave ‘c’ and in turn the Minor wave 2 are complete the NQ should begin to move lower in a Minor 3 wave.  The market should pick up the pace to the downside and not have to much trouble break back below 15359.  Additional support comes in at 15325 to 15209 and then 15091 to 15004.