$ES #ES $NQ #NQ #trading futures
I have identical micro counts for ES-mini and NQ-mini.
For NQ-futures that could be the top of a micro wave -iii- up to be followed by a corrective pullback in the wave -iv- down to the Green Demand zone:
We can count waves in ES-mini in the identical way:
That count argues for an -a-b-c- down pullback in the wave -iv- down targeting the Green demand zone. That scenario allows bulls to start another leg up in a miro wave -v- up off teh Green Demand zone targeting 5,700 – 5,730.
The big picture remains the same:
The macro bullish scenario argues that another push up in a micro wave -v- up would complete the subwave (a) of wave (v) up. A subwave (a) of wave (v) up should be followed by a flat -a-b-c- down consolidation in the subwave (b) down of wave (v) up.
The market is driven by never ending clash between two armies, bulls and bears. Its important to keep track on sentiments of both camps.
This si what bears see at that moment:
The point of no return for bears is the 76.4% retracement of the preceding decline = 20,128.
As long as bears hold NQ-mini under 20,128 they can keep entertaining that bearish scenario that considers that rally as a large corrective wave (b) up or (x) up. The bearish scenario argues for another large decline under the lows made in July 2024.
To invalidate the bearish scenario bulls need to push NQ over 20,128.
To invalidate the bullish scenario bears need to push NQ under 19,447.
The camp that fails will empower another camp for a big move.
The fundamental law of trading is big moves come from failed moves.