Wednesday’s trade was very corrective as the NQ moved to trace out a 4th wave correction. I have updated the chart to reflect the completion of what I’m labeling as minute wave 3 at the globex high at 16436. From that level the NQ began to correct and appears to have completed waves “a” and “b” of 4. This would suggest that an additional “c” wave decline is needed to complete the minute 4th wave and set the stage for the advance to pick up and continue to new all time highs. Additional support for the balance of the 4th wave correction remains at 16250 to 16215 and then 16200 to 16180. If the NQ breaks back above 16436 before declining it should negate the completing decline in favor of the advance being back in force. Upside resistance should be found at 16436, 16456, 16578 to 16629 and then 16768 to 16885.
December 8, 2021