$NQ: Bulls Got A Setup for Another Rally

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

As we expected, NQ produced a nice decline. But the decline looks corrective because it has a clean a-b-c down structure and it has made a higher low:

I can zoom-in to a 30 min chart:

The Uber Bullish count assumes that the last high was not the top of the wave (iii) but rather a micro top of a wave -iii- of (c) of (iii). That wave count argues that bulls should be able to make one more push to a higher high in the micro wave -v- of (c) of ( iii) up.

This is how the Uber Bullish count looks like:

Under the Uber Bullish count that decline is just a pause before another push higher towards the next Red Box.

On the 120 min chart shown below you can see that NQ stopped right at the blue trend line that connects two previous lows. In addition, it is sitting at the red trend line that connects two highs made in June (we always look for resistance lines that more often than not turns into support).

Now let’s look at levels calculated by my proprietary Cycle Trader indicator:

Now note that the next week the weekly support will jump much higher. That essentially means that to save the bullish trend on weekly bulls have to close next week over 20,175. I think that level will be the key level for the next several trading days. Bulls need to reclaim that level. And if they do that, they will save the weekly uptrend and provide us with a confirmation of the very bullish wave count.

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