Tuesday’s trade cleared up the hourly chart and I discuss the labelling in detail on tonight’s update. The NQ remains in the process of putting in the final sequences to complete an Intermediate degree “irregular B” wave. I also go into detail on the characteristics and ‘personalities’ of the various waves in motion. I continue to find the NQ is responding accordingly to the pattern in progress and what I expect should occur. The NQ along with the other indexes remain in the process of putting in multi decade tops. While the counts may differ in what is being labeled as the “top” the same process is at work, the same characteristics are in play. Expectations while amazing to see in motion are not out of line with what we should be looking for if the wave count is correct. Thus far I have not broken any ‘rules’ or stepped outside the guidelines as written and followed by Elliott over 90 years ago. Include tonight are additional Fibonacci extensions for the final legs up as well some initial levels that may put in the top. I continue to expect the NQ to break above 16000 before all is said and done. Currently the Fibonacci extensions for the 5th waves still unfolding suggest a top between 16030 and 16102. Trade smart, stay focused there will be many trading opportunities both higher and lower.
November 2, 2021