$NQ has been difficult for me to count.
Whereas with $ES, which counts well either as a nest of ones and twos to the downside, or as a larger leading diagonal (here), $NQ does not quite count that way. Given the “everybody’s all in” vibe I have here, I have to assign a bearish count to this, and this is the best one I can see. That we have completed minor (green) 1 as a smaller leading diagonal, followed by a long, drawn out 2.
Many Elliotticians are eager to count this as a correction, and even if we go lower, they will expect this to be a one-two to the upside. I am very reluctant to do that. I did some math earlier, and if this were a one-two to the upside (and on the S&P), the three would be so enormous that we’re talking about something like ten to twenty trillion dollars needing desperately to enter this market, just waiting to get in that’s not already in.
Pardon my French, but that has to be complete bullshit, in my opinion.