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.
February 2, 2023
Thursday’s trade was revealing and wild ending with the trifecta of surprises. The upside ...