$ES and $NQ: Bulls May Consider the Corrective Structure Completed

$ES $NQ #Double Three

The corrective (w) down – (x) up, (y) down structure made enough micro waves to be considered completed:

ES-mini 120 min chart

According to the wave count, upon completion of the (w)-(x)-(y) structure of the wave (iv) down bulls should start a new rally in a wave (v) up targeting the Red Box.

Note that this morning the wave (y) down spiked to 100% ext of (w) down. The minimum requirements for the completion of the pullback have been met. Can that decline extend lower? Yes, it can. Bears can push ES lower into the Green zone. The Daily support for tomorrow will be 6,658. The first confirmation of a bullish reversal would be a push over 6,658 and a daily close today over that level.

Monthly Levels of support are:

Let’s update the NQ chart:

NQ-mini 120 min chart

NQ has also made enough micro waves to consider the corrective (w) down, (x) up, (y) down structure completed. However, the second leg down in a wave (y) has not tagged the textbook 100% ext of (w) down. Therefore that decline may extend down to 24,170.

Monthly Levels are:

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