$NQ: Arrived to The Main Target and Support

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$NQ #NQ-mini futures #trading setup

In the previous macro update I reiterated my expectation for this decline to eventually test the main support at 14,900:

NQ-mini chart updated on Aug 15, 2023

I can perfectly count that decline as a completed corrective double three structure of a wave (iv) down. Upon completion of a wave (iv) down we normally get a strong impulsive rally in a subwave (a) of wave ( v ) up targeting the high made by the previous rally in wave ( iii ) up.

NQ-120 min chart

It is possible that bulls will fail at attempt to start a new rally either at a 50% or 76.4% retracement of that decline ( 15,375 – 15,475). If instead of a strong five wave up rally we get a corrective looking a-b-c up move that stalls at the resistance zone ( 15,375 – 15,475) that would be a bearish sign and argument for NQ having made the high of the 2023 year in July.

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