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  • Elliott Wave Update – NQ – September 22, 2021

Elliott Wave Update – NQ – September 22, 2021

Wednesday’s trade was a strange roller coaster ride that either made you a nice amount of cash or lost you a bad amount of cash — or possibly both.  What started out as a continuation of an upside move which produced a $186 rally in the NQ.  It was impressive and if traded correctly very handsomely rewarded.  That was the first uphill ride, which was followed by a smaller but powerful $114 downhill ride also providing solid rewards to traders.  Then came the FED meeting results and that was similar to riding the Cyclone as it whipped the NQ up $137 and then back down $137.  The chart does suggest that we may still need another move higher. which may still produce an additional high to complete the Minor wave 4 correction.  If that move doesn’t materialize I would still consider the Minor 4 wave complete at a “new” high or the current high at 15227.  I can’t rule out the potential for the market to continue to run higher and break above 15307 which is the end point for Minor wave 1, which leaves this level as the “no break zone”.  A break above would negate the current pattern and leave it as 3 waves down from the high at 15709.  Right now though I’m continuing to view the NQ as being in the finishing moves of the  Minor wave 4 correction, with a Minor wave 5 decline still to come.


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