#nq #weeken update #macro update #daily #trading setup
We can count the move up off the October 2022 low as a corrective (a) up, (b) down, (c) up bounce and that so far topped at 50% retracement level:
As we discussed last week: NQ stopped at confluence of several important levels:
123.6% ext of subwave (a) up, and – 50% retracement of the previous decline, and
– the lower red trendline that connects June and early Nov peaks.
The (a)-(b)-(c) up corrective structure looks 100% completed. Bears have a decent setup to start another large leg down.
Bears need to confirm completion of the whole bounce and bearish reversal by pushing NQ under 11,465 critical support.
However, as long as bulls hold NQ over the critical support 11,465 they will remain in control and will be able to produce one more strong push higher: