Thursday’s trade was on the lite side as the U.S. observed Veterans Day. The NQ started the session at the day’s highs but did complete the bounce off of the 15896 low from yesterday. I have updated the labeling with the addition of the completion point for Minor waves 3 and 4. If this is the case expectations would be for Minor wave 5 to push prices lower with a new low under 15986 needed before completing. Support is below at 15853 and then 15800 to 15768. Once the initial Minor 5 waves down are complete look for a decent 3 wave bounce higher in the NQ also on a Minor degree. Tomorrow is also a weekly options expiration with several corporate titans still in play which brings greater volatility to direction as positions get adjusted when the underlying moves quickly thru option strike prices. Allow the market to dictate direction – trade smart – use the MA’s, Fib levels, and Elliott patterns to guide trading.
November 11, 2021