$NQ #NQ-mini #trading setup #Elliott Wave
In the previous update on NQ-mini futures I shared two slightly different paths to a new higher high:
The pullback stopped at 14,500, the upper edge of the Green Box drawn on the chart shown above.
Let’s look at the micro structure of the rally off the last important low made in April 2023:
Bulls have been pushing NQ up off the last important low made in April 2023 in a five wave up impulsive structure. This current June push could be the final subwave c of a wave v up.
I concluded the previous update with bullish forecast:
“…That a-b-c consolidation (see the red letters) shaped as a bullish Running Flat structure provides bulls with a base for another push higher targeting 14,825”.
I reiterate that expectation. I consider 14,840 – 14,860 as the next target 1 for the subwave c of wave v up. This is where this rally may top and this is where a pullback may finally start.
There are two micro path leading there:
Bulls can keep pushing higher without any pullback. A small problem I have with that path is that the previous consolidation highlighted with the red rectangle looks very shallow and quick.
Therefore I could argue that we are still in a subwave b down:
If trading gods send us that gift of one more shallow push down I would consider it a very attractive long setup to ride another push higher in a subwave c of wave v up.