$NQ #NQ-mini #Elliott Wave #trading setup
So far we got a clean corrective looking three wave up bounce off the panic Monday low:
On that chart you can compare magnitude of that bounce to the magnitude of the preceding decline.
Bulls so far managed to retrace only 50% of the very last leg down labelled as a subwave -a- down:
Ideally I would like bulls to push NQ over a micro resistance 18,725( the July 30 low), tag the red Box and then immediately turn down and drop back under 18,725.
That move up then down would trigger a reliable failed breakout short setup.
Failure of bulls at the Red Box would allow bears to start another large leg down towards the lower Green Box, see the 120 min chart above.