$NQ: We Can Get a Pullback in the 1Q 2024

$NQ #NQ #trading futures #trading setup

Over the weekend I posted a macro analysis of Nasdaq Composite index.

The Nasdaq-100 is frequently confused with the Nasdaq Composite Index. The Nasdaq Composite index (often referred to simply as “The Nasdaq”) includes the stock of every company that is listed on Nasdaq (more than 3,000 altogether). The Nasdaq-100 is a modified capitalization-weighted index.

Today we will look at NQ-mini futures, a derivative on the widely watched Nasdaq-100 index:

I can argue that NQ topped in a rally that started in Oct’22:

I count that rally as a subwave A of wave 5 up. And it should be followed by an (a)-(b)-(c) down corrective structure of the subwave B down of wave 5 up that can retrace 41.4%-50%-66.7% of the Oct’22-Dec’23 rally.

Let’s zoom in to a 120 min chart:

The ideal target for the Oct’23 – Dec’23 rally is a negative 138.25 ext of the decline off the July’23 high into Oct’23 low. That ideal target is 17,323. It has not been tagged yet.

We can not exclude possibility that bulls make a slighly higher high and tag that target this week.

I expect bears to drive NQ down to 16,000 – 15,750, the Green Box either from here or from that slightly higher high that can be made this coming week.

Subscribe to Free Updates

Get Unlimited Access

More To Explore

$NQ: Two paths I will be watching for a corrective a-b-c- up bounce off the Monday low

$NQ #NQ #trading setup #Elliott Wave #a-b-c bounce Two paths I will be watching for a corrective a-b-c- up bounce

CastAwayTrader January 14, 2025

$ES: A Wild Full Moon Party that only muddied the waters further

$ES #ES-mini Yesterday Es dropped as expected but did not hit the target 2 = 5,973.50. Then we got a

CastAwayTrader January 14, 2025

Important Disclaimer

CastAway Trader LLC, the publisher of this web-site and videos is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of the website www.castawaytrader.com and viewers of the videos are advised that all information presented on the website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user’s particular investment needs or objectives.

Trading stocks, options, or futures carries a high level of risk, and may not be suitable for all investors. Before deciding to trade, you should carefully consider your objectives, financial situation, needs and level of experience. CastAway Trader LLC provides general overview of trading methods that does not take into account your objectives, financial situation or needs. The content of this website must not be construed as personal advice. All trading setups and/or trades presented in the web site and/or trading chat room by CastAway Trader an/or by other members of the chat should be considered hypothetical for educational purposes only and should not be expected to be replicated in a live trading account.

An investor could potentially lose all or more than the initial investment. You should not speculate with capital that you cannot afford to lose. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style.

You should be aware of all the risks associated with trading. You should seek advice from an independent financial advisor.

Any information posted on this web site is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. All opinions, analyses and information posted on the website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, CastAwayTrader LLC and its officers and employees undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. Also be aware that the owners, officers and employees of the web site www.castawaytrader.com may have long or short positions in securities that may be discussed on the website, Premium Trading Chat room and/or in the videos posted by CastAway Trader LLC.

Past results are not indicative of future profits.