$NQ: Bulls Have a Setup for Another Push Higher

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$NQ #NQ #ElliottWave #tradingsetup

It is possible that the large multi month log corrective wave (iv) down bottomed yesterday. Then we can expect a new five wave up rally to a new all time high.

NQ-mini Daily chart

Any five wave rally starts from a micro i up, ii down setup:

ES-mini 15 min chart

!!! to complete a micro wave -i- up bulls need to push NQ over 19,760.

Note, bulls got a favorable micro setup, an a-b-c down looking consolidation that followed a strong move up yesterday. The move up on Monday can be counted as a micro wave -a- up. Then the overnight flat a-b-c pullback that followed can be counted as a wave -b- down.

To complete a micro wave -i- up bulls need to push NQ higher in a micro wave -c- up.

Based on the count we can go long on a break over 19,500. Protective stop can be placed under 19,160.

MIDDAY UPDATE at 12:35 PM EST.

NQ-mini rallied as we expected:

NQ-mini 15 min chart

NQ approached the first target / resistance at 19,665. Rally can either top at this level or extend up to th eresistance / target 2 = 19,785.

Under the bullish scenario we can get a deep a-b-c down pullback re-testing the milestone support 19,300.

If we get a sharp drop down to 19,300 that would be a sign that some more bearish scenario is unfolding.

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