8/21/2024 EOD Update

Just returned from holiday. 

Since my last post, I mentioned that the alternate count gained strength and in fact to the point where I have removed the blue primary. The red count is now the primary. 

At this point, we shall see if NQ challenges the July 2024 high. 

8/8/2024 - EOD Update

 After dropping as expected yesterday, the market staged a bounce that provided additional strength to the red Alt count. 

Primary is that wave 2 of (3) is complete or near completion. If wave 2 intends to retrace wave 1 by 62%, it would target 18,800. 

Alternate is wave 3 Alt aiming for the 19,000 level where it would equal wave 1 Alt. 

8/6/2024 - EOD Update NQ

 NQ continued to bounce higher and reversed just shy of the 50% retracement. The reversal on the 5min looks pretty impulsive. 

So lets go with wave 2 of (3) done. One thing I don't note on the chart, which I realized today, is that wave (3) can also be considered complete where I have it labeled as (3)=(1) at the 17351 low. The subsequent bounce from there would be considered wave (4). 

At this point its all the same as far as expected next direction and that should be down if we consider wave 2 of (3) or (4) complete. The next leg down should challenge the 17351 low and break through. 

If the next leg is wave 3 of (3) down, 3 = 1 @ 16117. 

The red Alt count is still in play. In order for this count to remain valid, it cannot break below 17351 and needs to run past today's high to signal wave 3 Alt red up. 

8/5/2024 - EOD Update NQ

The NQ made quick work of blasting through 18305 and continued to drop nearly 1000 handles lower. 

Once the market bounced at 17361, I have label that as the completion of wave 1 of (3). The caveat is I did not count the squiggles but it looks like a decent impulse wave. 

The bounce should be considered a wave 2 of (3) and is now back testing the 18305 area. Note a 50% retracement would equal 19528. 

This is the most bearish count and considered the primary. 

However, I would like to make note of the alternate count, which honestly could be considered the primary as well. This count though has a long road ahead in order to be proven correct.