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  • Elliott Wave Update – NQ – September 6, 2021

Elliott Wave Update – NQ – September 6, 2021

Friday’s trade was reactive to the Employment Situation numbers, but failed to break strongly lower and once the U.S. session got underway buyers returned with the NQ putting in a solid rally.  The NQ did  push to a new high at 15708.75 during yesterday’s Globex session.   I have updated The Elliott labeling to reflect the completion point for the minute wave 4 correction, which suggests the NQ is now heading higher in a minute wave 5 advance.  The caveat at the moment is that the NQ could still be tracing out the minute wave 4 correction.  With the low from Thursday being wave A of 4, the high at 15708 being wave B of 4 with a C wave decline now underway.  Support for wave C remains down at 15522 which at this juncture sits at the same level at the hourly 200 MA.  If a ‘C’ wave decline is expected the NQ should move more quickly to the downside and that may start later this evening as the Asian and European markets open.   I have also added the next layer of Fibonacci extensions for minute wave 5. On the chart then are Fibonacci resistance levels for Intermediate wave 5, Minor wave 5 and minute wave 5.  The zones remain in line with a finishing advance up to at least 15750 to 15809 with stronger clusters at 15820 to 15875 and then 15900.


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