#NQ #Daily #Macro #Micro #trading setup
We can count the decline off the top made in November 2021 as an unfolding Double Three corrective structure:
The Double Three corrective structure is compose of two A-B-C down structures. We can count the move up off October 2022 low as a corrective wave B up. Then we should expect another leg down in wave C down targeting a new lower low.
If we look at a 120 min chart we can see that bears have a setup to start a strong decline in subwave -c- of wave -iii- down:
That wave count argues for upcoming accelerated decline in subwave -c- of wave -iii- down:
- target 1 = 11,235, and
- target 2 = 11,090.
Please note that important 11,728 level. Bears will be in control as long as NQ stays under that level. In contrast, a push over 11,728 would not fit that very bearish count and can be used as a protective stop for shorts.