September 2, 2021

Elliott Wave Update – NQ – September 2, 2021

Thursday’s trade was again on the slow side under lite volume.  Nonetheless, the NQ did make clear the small 4th wave correction I’ve been tracking was still in need of a “C” wave down.  That “C” wave may have completed at today’s 15551 low, but I’m going to leave open the possibility for additional downside reaching next Fibonacci support at the 15530 area before wave 4 is complete.  Once complete though, expectations remain for a minute wave 5 to get underway and ultimately bring the NQ to new all time highs.  First above 15700 but eventually to the first cluster of Fibonacci resistance at 15770 to 15825. An extended 5th wave could bring prices up to the next cluster of Fibonacci resistance at 115991 to 16068.  The U.S. markets are closed on Monday, but Globex sessions will take place on Sunday and again on Monday.  My next update will be on Monday after the globex session begins.