Friday’s trade was dominated by the weekly options expirations which continued to show strength from the buyers and an increasing short squeeze. The opening of Globex on Sunday shows that the buyers remain in control for now. This has created a switch in how I am labeling the moves. As discussed on Thursday’s update – the ES and NQ needed to confirm whether buyers or sellers were dominating. It appears the buyers are again giving confirmation that the hunt for value remains in play. Again I want to say – the count itself is not a process of who is right or wrong — it is a process of interpreting order flow and price movement and how that translates into discernable chart patterns. With the markets themselves being fluid and ongoing it becomes imperative that the analyst do the same. I don’t work with fundamentals to decide direction or how high or low the market can go – I use Elliott wave and Fibonacci sequences that over time have developed definite structural patterns and rhythms. This is what gives the ability to the analyst to use Fibonacci relationships between “waves” that have commonality with regards to resistance and support areas. For tomorrow then the NQ will remain in the process of tracing out the finishing legs of a Minor wave 5 advance — within this advance it appears that wave 3 of 5 is subdividing a total of 3 times. This then suggests that a series of three individual 4th wave pullbacks and 5th wave rallies are needed to complete the Minor wave 5 advancing sequence. Resistance at 16224 has been broken leaving the next zone at 16276, 16308, 16309, 16336 and then 16355 to 16380.