$NQ #Macro
In the previous update we correctly predicted a move down.
We noted that bears had a setup to start a new leg down in a large wave C down that should make a new lower low under the low made in Oct 2022.
But at the same we warned you that bears may start the move down enthusiastically but may quickly run out of steam.
…“But quite often upon completion of a short second leg up structured as a double three bears start a strong move down intending to play a bearish reversal but quickly run out of steam. That happens because the crowd is still standing on toes, too many traders still expect another leg down. A pullback achieves its main goal when a critical mass of traders change expectations from bearish to bullish and make changes to their portfolio and create a disbalance in the market in favor of long positions.”
You can see that NQ hit my green target zone and popped up strongly this morning. If bears fail to push NQ lower, bulls can use that decline as another long opportunity and morph that completed Double Three structure into a Triple Three structure pushing NQ over the December 2022 high in the final a-b-c up structure.
I posted that bullish path in my previous update.
