Let’s start from reviewing the Bearish Path:
Under that count the -a- up, -b- down, -c- up whipsaw that has been torturing us in October is subwave ( b ) up of wave ( iii ) down.
Under that Very Bearish count NQ has a picture perfect short setup for a strong slide in subwave (c) of wave ( iii ) down targeting 9,300 – 9,000.
Let’s review a slight alternative bearish count based on the repeating “3-3-3” structure:
This is a slight variation of the bearish count. The Very Bearish count considers decline off the mid Aug high as an impulsive five wave down move. The bearish 3-3-3 count considers the decline off the mid Aug high as a combination of several a-b-c down structures.
That count also argues for a strong drop in NQ-mini.
Let’s now discuss a count that we can call the Bullish one. It argues for a bear market rally:
Under the alt Bullish NQ has already made a lasting bottom at 10,484.75 on Oct 13th. Off that October low we should get an impulsive five wave up rally with very shallow pullbacks (recently all bears market rally had a specific structure with super shallow waves ii and iv down):
The main requirement for the bullish count (bear market rally) is a staring -i- up, -ii- down setup that has not been completed yet.
In conclusion:
Under that bullish count NQ has to make a new higher high of the week tomorrow but end the week on a bearish note in wave -ii- down.
Under the bearish count bears need to start pushing NQ down. New higher highs would make those two bearish counts look questionable.