Monday’s trade to the downside started during Globex. The NQ relaxed somewhat in terms of the amount and size of the buyers, as seen last week. The market was for certain trading in summertime mode. Slow and moody. The NQ moved quickly when a larger buyer or seller showed up and pushed buy/sell market – if you caught it or a part there was some, not a huge amount, but some money to make.
Therre are no updates to make to the current parallel counts I’ve presented. Currently I’m leaving Preferred count #2 on the charts. For tomorrow I’m leaving open the potential for a quick turn higher and another run for 12200 and above. Thus, the Minor 4th wave would still be in force with a shot at 12545 in the cards.
If Minor wave 4 ended in a failure at Friday’s 12111 high, it would gain support on a break below 11749 with a “seal the deal” break coming at 11351. Support and resistance for both Preferred counts 1 & 2 are detailed in the update.