Wednesday’s trade was chock full of volatility and accelerations. I have updated the Elliott labeling to reflect today’s moves. To recap, the NQ continues to track lower in the initial 5 waves down on an Minor degree. That implies there will be 5 waves of minute degree. Thus far the NQ has completed Minor waves 1 and 2, with wave 2 completing at the 16442 high from last Thursday. From that high Minor wave 3 began. Thus far within Minor wave 3, the move is subdividing three times. Minute waves 1 and 2 are complete,with wave 2 finishing at Monday’s 16441 high. Tuesday’s goblex low at 16238 finished subminute wave 1 with Tuesday’s high at 164418 completing subminute wave 2. The drop off of Tuesday’s high to Tuesday’s low at 16078 completed (sub) subminute wave 1 with today’s high at 16427 completing (sub) subminute wave 2. Today’s low at 15825 appears to be the completion point for (sub) subminute wave 3. Therefore, to complete the larger Minor wave 3 the NQ will need to put in 3 series of 4th wave bounces and 5th wave declines. Additional support for the move comes in at 15791, 15638 to 15560 and then 15390. The volatility has increased in both upside and downside moves suggesting swings higher will have some power behind them. Trade smart – use the moving averages for entries and exits – use the Fibonacci extensions for support and resistance levels – check in the Elliott for progress on the moves.
December 1, 2021