$NQ: Expect One More Push Higher

$NQ #NQ-mini #trading setup #Elliott wave

NQ found firm support in the Green Box and started a rally towards the Red Box:

Let’s zoom in:

Here NQ has tested the target 1 = 20,255. Ideally I would like to get a shallow pullback or consolidation in a micro wave iv down tat can push back down to 20,400.

Then I would expect another push higher in a micro wave v up targeting 20,760.

Remember, the worst sin that traders can have is shorting a wave iii.

You never short a wave 3 because it (1) tends to extend higher than you expected, and (2) it is often followed by a very shallow wave 4 down that is followed by another push higher in a wave 5 up.

So the general rule is that you never short an expected top of a wave 3 up but you rather wait for a wave 5 up to top.

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