$NQ #NQ #trading setup #Elliott Wave #breakdown #76.4% risk level
“We can say that 14,886 is a strong support (66.7% retracement of the previous rally).
Break under that level would be a break under both trendlines, the black and the blue one, those that now try to stop this decline. Break under that level would open bearish flood gates. We would see a drop at least to 14,200.”
This is how that daily chart looks now:
The first important support is still 14,200.
That is the “risk level”, a 76.4% ext of a micro wave -i- up. This is where any move may get reversed prematurely.
If bears break under 14,200 we will most likely see acceleration of decline down to 13,800.