$ES #NQ
Let me show you how we can count the rally off the major Oct’2022 low in two different ways.
Let’s start from an alternative Ultra Bullish wave count:

You get five wave up rally (see the first blue line).Then you get a textbook red (a) down, (b) up, (c) down structure of a large wave B down shaped as a tricky Expanding Flat (see the red colored zig-zag). That wave count allows bulls to produce a very large five wave up rally in a wave C up targeting 27,800.
Now let’s look at the PRIMARY less optimistic wave count:

NQ Daily chart
We can count the Dec’24 high as the top of a five wave up rally.
In that case, the Jan’25 decline is only start of a large flat (a)-(b)-(c) down consolidation in a wave B down.
Under the ultra bullish wave count we got a micro (i) up, (ii) down bullish setup:

The majority of large declines start from failure of a micro bullish (i) up, (ii) down setup.
Bears need to push NQ back under the invalidation level 20,694 to confirm the Primary bearish scenario. Until that happens, bulls will be in control and can chase their dream scenario.