#NQ $NQ #trading setup #Elliott Wave
I think we got an a-b-c move down that was either all of wave (iv) down or its subwave (a) down:
Then the move up off the Monday low is a subwave a up. Then a flat consolidation inside the lower red box could be ALL of a micro wave b down.
In that case bulls built a base for a breakout over the resistance 18,527:
Break over 18,527 resistance should trigger a strong short covering rally. A protective stop / invalidation level for that bullish scenario of a short squeeze is 18,030. Break under 18,030 would allow bears to at least re-test the Monday morning lows or even make a lower low.