$NQ: Is That a Fake Breakout?

$NQ #NQ-mini #trading setup

“The ideal target for the Oct’23 – Dec’23 rally is a negative 138.25 ext of the decline off the July’23 high into Oct’23 low. That ideal target is 17,323. It has not been tagged yet.”

NQ futures finally approached that level 17,323.

I would count that push up to the negative 138.2% ext of the early Jan’24 pullback as a corrective wave -b- up (target/resistance = 17,323).

The target 1 for the following move down = 16,690 (under the uber bullish Running Flat a-b-c down structure) .

The target 2 = 16,300.

The key support now is 17,165.

Break back under that level would confirm that the Jan’24 rally was a corrective wave -b- up to be followed by a sharp drop in a wave -c- down.

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