A little bit of a tricky day today, as the NAZ (2121) and SPX (1204) made new highs for the move. Yet we closed lower on the day right at, or near, the support EW pivots: NAZ (2098) and SPX (1191).
A two day minor retracement after strong gains is quite normal: Dow 25%, NAZ 33% and SPX 40%.
I’m counting today’s activity as an irregular correction in the NAZ, completing a small fourth wave. See updated chart.
Expecting, a good up day tomorrow, followed by some sideways action on friday, and another move higher on monday to end the first leg up. Good trading!