$NQ: Setting Up for a Drop

$NQ #NQ-mini futures #trading setup #i down ii up setup

Let’s look at a macro structure of the decline off the last top made in Nov’22:

On the Daily chart above you can see an unfolding corrective structure called Double Three. It is composed of three waves labelled (W) down, (X) up, and (Y) down. Each of those waves is composed of three subwave labelled A, B and C.

To complete that structure NQ should go down and make a new lower low in the final subwave C of wave (Y) down.

Now let’s zoom-in to 120 min timeframe to see an unfolding micro structure of the decline in the final subwave C of wave (Y) down:

You can see that NQ-mini is about to start a strong decline in a micro wave iii down targeting 11,560.

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