Thursday’s trade gave us the directional answer I have been discussing recently. The NQ has rallied thru resistance at 14818, 14892, 14965, 15020, and 15072 . According to the four hour chart the ES has rallied for 28 of the last 32 hours. That’s a solid fill for my order/request for either the buyers or sellers to take control of the trend and sustain it. It was also a profitable trading day. I have updated the labeling to reflect a larger Minor wave 2 correction being in force. Within it I have relabled the high at 15003 as minute wave A with the 14568 low being the completion for minute wave B. The rally off the low – a “C” wave has completed waves 1 – 3 with a small corrective 4 in play as I make this update. Support levels are given as well as resistance for the balance of wave “C”. I also review the situation should the NQ move above 15400.
October 15, 2021