NEA

Nuveen AMT-Free Quality Municipal Income Fund Common Shares of Beneficial Interest Par Value $.01

NYSE · Common stock

10.08

+0.04 (+0.40%)

Close, Oct 16, 2026

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Structural summary

What is the structure, what changed, and what would invalidate it

Viridia Intelligence

Context across dimensions, not a rating

StructureExpanding rangeIntermediate-degree swings on the daily chart.

WaveUnresolvedEnding diagonal complete, next move up (Pattern Confidence 67); the weekly count points the other way.

FibonacciZone aboveNearest confluence 10.38–10.45 (2 relationships), +3.3% from the close.

MomentumWeak3 months −11.9% (behind SPY by 14.7 points); 6 months −12.7%.

RegimeDowntrend−5.3% vs the 50-day average, −10.9% vs the 200-day.

RiskElevated20-day volatility 22% vs 13% over the year; 1-year drawdown −18.3%; beta 0.38.

NEA setup historyNot replayed yet; the track record fills in most-traded securities first.

Current structure

Price, swings and the preferred count on the chart

NEA · 1DLoading bars…

SourceMassive, end of dayUpdated—MethodDaily bars, split-adjusted

Candidate interpretations

Every count shown passes every hard rule

Candidate interpretations

Ranked by Pattern Confidence

Counts ending at the latest intermediate swing low, 9.53 on Sep 29, 2026. 140 labelings tested, 97 broke a hard rule, 12+ remain.

Hard-rule evidence: why 97 labelings were eliminated

36Wave 2 always retraces less than 100% of wave 1
24Wave 3 always travels beyond the end of wave 1
12Wave 4 always retraces less than 100% of wave 3
12Contracting triangle: C ends short of A's end, D short of B's end, and E short of C's end
8Wave B ends short of the start of wave A (a zigzag is a sharp correction)
2Wave B retraces at least 90% of wave A

Method Every chain of 3–6 alternating pivots ending at the latest confirmed pivot is tested as each pattern; only counts with zero hard-rule failures are kept, then ranked by Pattern Confidence. Rules: rulebook.Engine pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1, bars to Oct 16, 2026

Fibonacci map

Confluence zones above and below the closeClose 10.08

10.08close

Bar length is the zone's strength (a weighted count of relationships, not a probability). Select a zone to see what forms it.

10.38 – 10.45+3.3% from the close

2 relationships · strength 3 · Intermediate, Minor degrees

10.45ProjectionWave C = 100% of wave A · Minor · Essentials
10.38RetracementWave 4 retraces 38.2% of wave 3 · Intermediate · EWF

Method Targets come from the Fibonacci relationships the sources describe for the wave in progress, Elliott trend channels, the prior fourth wave of lesser degree, and 38.2–78.6% retracements of the latest swing. A zone is where two or more independent relationships fall within max(¼ ATR, 0.4%) of each other; strength counts them, weighting primary ratios and higher degrees. It is not a probability.

Evidence

The setup the preferred count implies, and how that kind of setup has done

Setup

Intermediate degree · from the preferred count

Bullish setupActive now

Five waves complete

Five waves look complete, so a correction in the other direction would normally follow.

Pattern Confidence 67 · Medium

Reference level0.0% from close

10.08

Latest close

Invalidation−5.5% from close

9.53

End of wave 5: beyond it wave 5 is still extending

Structural target+18.1% from close

11.90

End of wave 4: corrections tend to end near it

Reward : risk

3.3 : 1

Invalidation 5.5% from the reference level · 2.6 ATR

Track record: this setup reached its target first in 28% of 457 past cases, averaging +0.13R. It made money in both halves of the replay (+0.12R, then +0.13R). Method

Counter-trend trade against the five-wave move just finished.
Close call: the alternate count scores within a few points of the preferred one.

NoteResearch scenario generated from Viridia's structural model. Not a recommendation.BasisIntermediate degree, daily bars through Oct 16, 2026. Followed for up to 60 sessions in the track record.MethodA setup restates the preferred count as a trade: the entry (the close, or the level where the correction in progress most often ends), the stop where the count is wrong (a rule level, or the end of a finished pattern), and the count's own Fibonacci target. Reward:risk is measured from the middle of the entry range. A setup needs reward:risk of at least 1 : 1. It is research output from the wave count, not a recommendation or a forecast.

Engine details

Analysis engine: pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1
Bars analysed to: Oct 16, 2026
Price history: Automatic, updated nightly
Daily bars: 514 since Sep 30, 2024
Avg volume, 50 days: 1.95M
Dollar volume, 20 days: $29.4M
SEC CIK: 0001195737
Provider symbols: nasdaqtrader: NEA · massive: NEA
Listing changes: None since Sep 24, 2026

SourcePrices: Massive (end of day, split-adjusted). Listings: Nasdaq Trader, SECUpdatedOct 19, 2026, 8:00 AM EDTMethodSecurity master, daily snapshot diff

MethodStructure: the intermediate-degree swing structure (higher highs and lows, lower highs and lows, expanding or contracting). Wave: the preferred daily wave count's expected direction (constructive up, defensive down), unresolved when the alternate is within 5 points. Fibonacci: the nearest confluence zone of Fibonacci relationships and the distance to it (inside, or within 3%, counts as at a zone). Regime: price against its 50- and 200-day averages. Momentum: 3-month return and its lead over SPY (strong when both are positive and the lead is over 5 points; weak when both are negative). Risk: 20-day volatility against the 1-year level (elevated above 1.25×), and the 1-year drawdown and beta to SPY.

Structure at a glance

Daily chart, as of Oct 16, 2026

Since the count's last pivot (9.53, Sep 29, 2026) price has moved +5.8%, the way the count expects.12 of 12 rule-valid counts expect the current move to be up.Weekly count: ending diagonal wave 3 ↓, opposite direction

Close call.The top two counts are within 4 points. Treat the structure as unresolved until one is invalidated.

Preferred count

Ending diagonal down · complete, next move up ↑

A five-wave decline (ending diagonal) looks complete, so a correction up would normally follow.

1-2-3-4-5 from 12.06, Oct 1, 2024

Pattern Confidence67Medium

2 of 2 checks met

Key levels, preferred count

Reassess−5.5% from close

9.53

The pattern ended here. A move below it means its last wave is still going, so the pattern isn't complete.

Target, next move+4.1% from close

10.49

Correction retraces 38.2% of waves 1–5

Nearest confluence zone+3.3% from close

10.38–10.45

2 Fibonacci relationships meet here.

Alternate count

Flat down · complete, next move up ↑

A three-wave flat correction down looks complete, so the larger trend would normally resume up.

A-B-C from 12.06, Oct 1, 2024

Pattern Confidence63Medium

3 of 4 checks met

Why this count is preferred · 2 met, 0 not met

Met

Wave 4 almost always ends in the price territory of wave 1
Wave 5 almost always ends at least slightly beyond the end of wave 3

Not met

None.

MethodPattern Confidence = (guidelines met + 2) ÷ (guidelines measured + 4), from the rulebook's guidelines, Fibonacci tendencies and wave-personality checks (wave 3 speed and volume, wave 5 volume, alternation in time, a start at the prior extreme), alternate waves in Fibonacci ratio, and the rarity of running flats. The alternate is the best-ranked count that tells a different story. It ranks the rule-valid counts against each other; it is not a probability of any outcome.

What changed

Structural events, most recent first

Oct 16, 2026New Fib zoneA new Fibonacci confluence zone formed near 10.41.
Oct 15, 2026New Fib zoneA new Fibonacci confluence zone formed near 10.53.
Oct 6, 2026New Fib zoneA new Fibonacci confluence zone formed near 10.35.
Oct 1, 2026New leading countNew leading count: Ending Diagonal complete ↑ (confidence 67).
Oct 1, 2026Structure changedIntermediate structure changed from higher highs and lows to expanding.
Oct 1, 2026Count droppedZigzag complete ↓ is no longer among the leading counts; now Ending Diagonal complete ↑.
Oct 1, 2026Daily/weekly alignmentDaily (up) and weekly (down) counts no longer agree.
Oct 1, 2026Swing confirmedA new intermediate swing low was confirmed.
Oct 1, 2026New Fib zoneA new Fibonacci confluence zone formed near 10.52.
Sep 30, 2026New Fib zoneA new Fibonacci confluence zone formed near 10.23.

Last swing high

11.77

Jul 8, 2026

Last swing low

9.53

Sep 29, 2026

Elliott Wave

Wave counts are built on these swings and each one passes every rule in the rulebook. They are ranked by how many guidelines they satisfy; the preferred and alternate counts are summarized above the chart.

MethodPrice versus its 50- and 200-day averages: above both with the 50 above the 200 is an uptrend, below both with the 50 below the 200 is a downtrend, anything else is mixed. Swings: adaptive ZigZag on daily bars, pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1.