$NQ #NQ-mini #Elliott Wave
The key idea is that the rally in subwave (a) of wave (v) has not topped yet:
It needs one or even two pushes up at least to 20,400.
Let’s zoom-in to 30 min chart:
That is a classic case showing how two slightly different wave counts are possible. The market here is at the crossroads.
Bullish micro: Note the dark red -a-b-c- down letters. So that count argues NQ-mini has completed the wave -iv- down and has started the wave -v- up.
Bearish micro: Now look at the blue labels. They argue NQ has NOT completed the wave -iv- down shaped as the double three -w-x-y- because it needs one more push down in a subwave c of wave -y-.
19,800 is the key resistance, a point of no return for bears. Break over that level would confirm the bullish scenario. Break of that resistance will confirm the wave -v- is underway.
I think 19,663, the weekly support for the next week, is the key Maginot line.
Over 19,663 bulls have a direct path to test the upper Red Box under the bullish micro scenario.
I think19,663, the weekly support for the next week is the key Maginot line
Over 19,663 bulls have a direct path to test the upper Red Box
Under 19,663 the -w-x-y- scenario will come in play (one more push lower in a subwave c of wave -y- down).