NQ-mini:
The Morning Bounce
Looks Like
a Short Setup

  • CastAwayTrader
  • October 10, 2022
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This is how the primary bearish scenario looks like:

NQ-mini 240 min chart

We may be dealing with a corrective pullback digesting sharp decline on Friday. Price is 250 points under the Extreme Secondary support for Monday. Price dropped too low and too far. A Daily support for Tuesday is 11,043.25. I would consider that level to be the key support for Monday as well.

A break under that level would open the door for another push lower. But I think we may not get a strong drop on Monday because price needs to consolidate and let trader accommodate to new lower price level.

If we look at a micro 15 min chart we can see that the bounce has a clean corrective -a-b-c up structure. That bounce ca be considered a short setup for another push down in wave -v- down targeting new lower lows well under 11,000.

NQ-mini 15 min chart

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To Kill the Bullish Macro Scenario
Bears Need to Make
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I expect another slide down
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