$NQ #NQ-mini #trading setup #Elliott Wave
The wave count of the rally in NQ-mini futures off the low made in October 2022 considers this decline off the July top as a corrective wave (iv) down that can be followed by another rally to a higher high of the 2023 year in a micro wave ( v ) up:
That (a)-(b)-(c0 move down off the July top could be all of a corrective wave (iv) down and can be followed by another rally in a wave ( v ) up. However, the ideal target for that decline is 14,830 has not been hit yet (a 30% retracement fib).
Let’s zoom in to a 15 min chart to see a micro wave count of the decline off the July 2023 top:
We can count the slightly lower low made overnight as a perfect completion of the whole corrective (w)-(x)-(y) down structure.
Moreover, bulls pushed NQ-mini to a higher high overnight. At the very least bulls have a setup for another push higher in a subwave c up targeting the Red box ( 15,310 – 15,340):
Most likely bulls will not be able to break over resistance at 15,300 – 15,350 and we will get a bearish rejection off the Red Box. The structure of the subsequent decline off the Red Box would tell us if NQ made a major bottom in a wave (iv) down and started a new rally in a wave (v) up or that blue a-b-c- up bounce was just a temporary pause in a decline off the July 2023 high and that decline would continue to new lower lows after such an a-b-c up pullback.