Monday’s trade basically picked up where Friday left off. The NQ continued to move higher from the opening and appears to be in the beginning stages of the 2nd leg up of the wave 4 correction. The noticeable caveat is that the NQ has yet to break above 12100 which it needs to do and give additional support to the market moving higher in a 4 wave.
The markets just reopened and gapped lower — the NQ has opened at 11875 down 160 — Here we go again folks — can’t yet say the upside is over and the “alternate view” is back in play — and that would be that the Minor 3rd wave has NOT bottomed yet and we are in the next leg down which puts the NQ back into a 3 of 3 of 3 move. Support that this is the case would come from a persistent and accelerating slide — a break below 11784, a break back below 11700, 11650, 11600, 1150, 11500 and then of course 11491. This would negate stronger upside for now and drop support into a somewhat larger “black hole”. There should be support at the large round numbers between 11491 and 11400 and on down. The next Fibonacci support comes in at 10585. To find price support we are going back to 2021 to 2020 to find it. So, yes, we are at that point of recognition again.
Ultimately, I am continuing to look at support from 9132 down to 9050 to contain and complete the 3rd waves up to and including the Intermediate wave 3. And this should set a stronger stage for an Intermediate wave 4 bounce. For now folks — trade what is in front of you — use the moving averages, use the Fibonacci levels — use the Elliott preferred and alternate views —