Monday’s trade added to the advance off of the 14368 low. The NQ did break and close above 15216 resistance, which as I discussed could cause a re-labeling of the degree of the initial decline off the all time high at 15709. Those changes will be made on a break above 15400. On tonight’s update though I do discuss adjustment that would be made degree wise for the Intermediate wave “B” that would be in progress off of the 14368 low. Within wave “B” the internal waves ‘a’ and ‘b’ are complete with wave ‘c’ also having completed waves 1-4. This then suggests the NQ is moving higher in the finishing wave 5 of ‘c’. The NQ does now carry the potential to break above the existing high at 15709 creating new all time highs. Fibonacci resistance for wave “c” and the internal wave ‘5’ of “c” are included. For Tuesday the expectations are for pull backs to be on the shallow side. Support for a pullback comes in the position of the hourly 8 MA and the 20 MA. Resistance begins at 15350 to 15370, and then 15395 to 15560.
October 19, 2021