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NQ - waiting for a bearish reversal

My count remains unchanged.
I continue to count the move up off the mid March 2020 low as a corrective wave ( B ) up.
That move up has a clean A-B-C up subdivision and the micro structure of the final subwave C up looks completed.
On Monday NQ tested the meaningful 85.4% retracement level at 9,296.
After hours it dropped back under that resistance.
It’s interesting to note an unfilled gap down ( the cyan stripe) located in between 9,353.50 and 9.401.
That unfilled gap down happened on Feb 23, 2020.
Today NQ topped at 9,339.
Very often the lower edge of an unfilled gap down (9,353 in that case) becomes a strong resistance.

NQ - 240 min chart updated at 9-40 PM on 5-11-2020

After completion of a corrective subwave ( B ) up of wave ( 4 ) down we should expect an impulsive move down in subwave ( C ) of wave ( 4 ) down that should make a lower low breaking the bottom made by subwave ( A ) of wave ( 4 ) down.

In this case that means that subwave ( C ) of wave ( 4 ) down needs to drop under the low made at 6,628.75 on Mar 22, 2020.

 

In my Sunday live webinar I explained why I maintain bearish directional bias for both, ES and NQ.

Watch the webinar on my Youtube channel!

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