Monday’s trade again towed the line with the NQ making an additional new high during Globex at 15914.75.  I’ve updated the Elliott labeling to reflect the completion of wave 3 of 5.  The NQ dropped quickly after the US opening creating a “kiss and run” on the hourly 50 MA at 15770, the low was 15768.  At the moment I’m labeling that as the completion point for the small 4th wave correction.  However, also at this juncture I need to leave open the potential for wave 4 to still be unfolding.  If this is the case the NQ will reverse lower to complete wave 4 with expectations for support at 15779 to 15768 to contain it,with an allowance for overflow selling to drop the NQ towards Fibonacci support at 15745.  The other side of that coin is for the NQ to pick up the advance in the context of a continuing 3rd wave up.  If this is the case it should not be a problem for the market to break above 15915 and head up towards next resistance at 15935 with potential for an extension reaching resistance at 15974 to 16003 or as high as 16024 to 16040.