Monday’s trade was an interesting combination of bulls and bears. Initially the NQ opened higher with the buyers pushing the index over 14,000 after dipped to a low at 13729 during the Globex session. I have updated the Elliott count to reflect the end of minute wave 1 of Minor wave 3 at 13729. That being the case suggests that today’s session put in likely waves A and B of a minute wave 2 bounce. Wave “C” of 2 remains in progress and while above the 50 MA should find support at 13948, which is Fibonacci support as well as where the hourly 50 and the hourly 8 MA’s are sitting. Additional upside should find resistance at 14016, 14083 to 14133 with this zone being a candidate to hold and complete minute wave 2. A break above 14133 brings the hourly 200 MA into the picture with its resistance being at 14242. Ultimately, I am continuing to look for the larger Minor and Intermediate 3rd waves down to continue.
May 17, 2022
Tuesday’s trade was within expectations as the ES continues to trace out a minute ...