Monday’s trade did clear up some details as to direction of degree. The NQ initially started higher as globex opened yesterday. It didn’t last very long and as the Asian markets opened the downside kicked in a bit stronger with the NQ heading lower. Once the US opened the support at 14105 came into place and while initially holding did eventually break with the NQ sliding below 14100 and again below 14000. This gave me enough support to change the labeling to suggest the 15268 high did complete Intermediate wave 2 with the Intermediate wave 3 decline underway. I have updated the Fibonacci extensions to reflect the move in progress and show the probable support levels to complete the internal portions of the larger Intermediate wave 3 and the Minor wave 3. Support levels to look for now start at 13955 and 13770 and continue at 13564, 13436 and then 13230 – which is the Fibonacci 1.618 level to complete minute wave 3. The larger Minor and Intermediate degree 3rd waves should ultimately carry the NQ back below 13000, 12000, 11000, and 10000 with support for Intermediate wave 3 coming in at 9070.
April 11, 2022