$NQ: Two Levels of Support Capable of Stopping This Drop

$NQ $NQ #trading futures #trading setup #Elliott Wave

On July 26th I shared with you the projected path for NQ-mini:

NQ has been following that path since then. This is how that daily chart looks like now:

Note the fat green demand zone: 17,670 – 17,460.

Let’s check the micro structure of this move down on a 60 min chart:

I see two levels of support capable of stopping this drop:

level 1 = 18,350, we almost hit that level this morning, and the next one

level 2 = 18,000.

I would expect a bounce once this leg down in a wave (a) of (y) finds support in a wave (b) up of (y) down.

That essentially means that what we can only expect after this decline is just a corrective bounce to be followed by another leg down.

More To Explore

$ES: A Bear Trap Followed by A Bull Trap

$ES #ES-mini #trading setup #Elliott Wave We started Tuesday morning with a picture perfect short setup: ES-mini 30 min chart I note for members of my chat room: “5,506 is the key level to watch.

CastAwayTrader September 11, 2024

$ES: Hot CPI numbers Can Trigger Another Leg down

$ES #ES #trading setup #Elliott Wave Bears have a decent setup for a strong drop in a subwave -c- of wave -y- down: ES-mini 30 min chart Break under support of the upward sloped blue

CastAwayTrader September 11, 2024

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