Tuesday’s trade saw an uptick in volume as the NQ initially slid lower. The market did reach session lows at 15606 before putting in a solid recovery bounce. I have adjusted the Elliot count by marking the existing high at 15708.75 as the completion point for minute wave 3. That then makes the decline off the high as an unfolding minute wave 4. Thus far it appears that waves ‘A’ and ‘B’ of 4 are complete with a ‘c’ wave unfolding. An additional decline though may get strong as we saw this morning with support for the balance of the ‘C’ wave at 15600 and then 15552. Expectations remain for the larger advances to again pick up and move to new highs as the larger sequences complete. Remember at this juncture I am looking for a minute wave 5 up to complete Minor wave 5, Intermediate wave 5, Primary wave 5 and Cycle wave 5. That all remains the same along with the projected Fibonacci levels to complete the moves. Unless a break below 15395 happens first, my expectations for a high above 15775 to 15831 remain in place.
September 7, 2021