$NQ: Bulls Have a i up ii down Setup for a Rally

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$NQ #long setup

The bullish scenario considers the move up off the low made on Nov’21 as a starting wave (v) up that should make a new all time high:

NQ-mini 240 min chart

Let’s zoom to a 15 min micro chart:

ES-mini 15 min chart

Firrst, we can count clean five wave up rally off the Nov’2st low.

Then we can count the drop that followed as a completed complex Double Three -w-x-y- down structure of a corrective wave -ii- down.

As a result, bulls are sitting on a decent long -i- up, -ii- down setup that allows them to start a rally targeting 26,560 (re-test of the previously mad high of a wave (iii) up.

To confirm that bullish scenario bulls need to break over the Monthly Resistance 25,685.

PLAN B “Bearish” scenario // invalidation of the bullish scenario 1.

It is possible that the weak rally (so far it has not been able to make new higher highs) off the Nov’25 lows has run out of gas and will roll over. In that case we may get another trip lower in a subwave (c) of wave ( iv ) down:

ES-mini 240 min chart

To trigger that bearish scenario bears need to break the Monthly Support:

NQ-mini 240 min chart

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