$NQ #trading setup
So far NQ-mini has topped in the (a)-(b)-(c) move up off the October low at a strong confluence of two fibs:
Note those two fib levels highlighted with red arrows:
– 123.6% ext of subwave (a) up and
– 50% retracement of the decline off the Aug high.
I really see a lot of similarities between that whipsaw and the whipsaw that preceded the October low:
Look at that wild whipsaw highlighted with the red circle. That whipsaw preceded the final spike to a slightly lower low followed by a strong intraday reversal up.
We got a similar -a-b-c-d-e- labelled whipsaw with a spike to a slightly higher high that got brutally faded yesterday.
To confirm completion of the red wave B up and start of a large wave C down bears need to break under the low made by wave -iv- down = 11,535.
Wave C down would be able to push NQ down to new lower lows.