$NQ: Bears Have Room To Push Lower

  • CastAwayTrader
  • September 9, 2024
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$NQ #NQ-mini#trading futures #Elliott Wave

The Aug’24 rally was a weak move because it never even tested the key 76.4% retracement fib. That 76.4% retracement fib is a point of no return. Bulls have to push price over that retracement to significantly reduce possibility that we deal with a corrective bounce in a wave B instead of a new leg up.

NQ-mini Daily chart

We can count the five wave up rally off the last major low made in Oct’2022 as completed. Upon completion of a five wave up rally we should expect a large A down – B up – C down structure that normally retraces 41.4% or 50% of the preceding completed impulsive move up (see the Green Macro Demand zone).

Let’s look at a micro wave count:

NQ-mini 9,000 tock bar chart

The micro wave count considers that overnight rally as a micro wave iv up to be followed by another strong drop in a micro wave v down targeting 17,965.

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