Monday’s trade did not include a new high for the advancing sequence with the NQ reaching 16414 before beginning t0 reverse with the NQ appearing to have completed or nearly so 5 waves down off the 16414 high reached during Sunday’s Globex session. The Elliott count remains as is for now with the probability for the minute wave 4 still being in progress. There may be additional downside before the rally would be expected to pick up again and support for the balance of wave 4 comes in at 16053 to 16023 The “do not break” zone remains at 15809 – this is where the market would need to break below to negate the stronger advance to new all time highs. For tomorrow – initially I will continue to look for support at 16053 to 16023 to hold with the NQ picking up the advance again. The alternate view remains in place as well and I’ve updated that view in tonight’s update. The probability for either the preferred or alternate view being in force remains at 50/50 for now.
December 13, 2021