$NQ: Bears Could Trigger a Bearish H&S Pattern

$NQ #NQ-mini #trading setup #head and shoulders #Elliott wave

The uber bullish wave count allows bulls to keep pushing higher:

This wave count is valid as long as bulls hold NQ-mini over the stop at 17,372.

Violation of that stop level would cast doubts over that uber bullish scenario and confirm the bearish scenario shown below.

Zooming-in:

Interestingly we get a small bearish reversal Head and Shoulders pattern inside a larger bearish head and shoulders pattern. To confirm the bearish scenario and the larger bearish red head and shoulders structure bears need to push NQ down to slightly undercut the neckline = 17,373

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