$NQ: Dropped to a Support 1

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

There are three strong support levels:

17,990 – 33% retracement of the wave (iii) up , and

17,245 – 41.4% retracement of the wave (iii) up, and

16,450 – 50% retracement of the wave (iii) up.

17,990 is a strong micro support in NQ-futures:

Ideally bulls should stop that decline in a subwave a of wave (y) of (iv) down at17,990 level.

Then we should get a bounce in a subwave -b- up to 18,700. Upon completion of a bounce in a subwave b up we can get another strong drop down to 17,245 with potential extension down to 16,450.

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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