$NQ: Expect A Bullish Bounce

$NQ #NQ-mini futures #trading setup #Elliott Wave

Most likely NQ will make a lower low and test the Green Box in the evening Sunday session:

One more push down would complete a corrective Triple three structure off the last high on July 19, 2023.

Interestingly the primary top in 2007 occurred on July 19th.

Let’s zoom out to a 120 min chart to see a path I expect for the upcoming week:

As you can see on the chart above, I would expect a corrective a-b-c up bounce up to the Red Box in a corrective wave (b) up early next week.

A small push lower would hit the support of the Blue Trend line that connects lows made in May and July 2023. I do not think bears will be able to break under that strong blue trend line.

Bears can easily undershoot that support but then i would expect bulls to step in and produce an a-b-c up pullback up to 15,750 – 15,850.

Note that the first micro support is the top of the micro wave iii up = 15,430.

As you can see on the chart, I expect the next move up to be structured as a corrective a-b-c making a lower high. As long as that upcoming bounce stays under 15,860 I would stick to that bearish path that argues for another leg down targeting 15,150 with potential extension down to 14,880 (the main target for the first -a-b-c- down move off the top).

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