$NQ #NQ-mini #Macro
The Bullish Macro scenario allows bulls to produce a five wave up rally off the early April low:
NQ-mini 120 min chart
If we zoom-in to a 30 min chart we can see that Bulls are squeezing the final push up in a subwave -c- of wave -v- up out of the Green Box:
NQ-mini 30 min chart
That micro count allows bulls to push NQ up to 21,677 – 21,780.
That wave count argues for a large -a-b-c move down (subwave (b) down of wave ( iii ) up) off that upper Red Target box down to 21,150 – 20,820.
The AFETRNOON UPDATE posted at 3-27 PM EST
That drop confirms that the subwave (a) of wave ( iii ) up has topped and the subwave (b) down of wave ( iii ) up has started:
NQ-mini 30 min chart
NQ has hit a strong support of the 138.2% ext = 21,090. If bears manage to break it I would expect an extension down to 20,961.
I count that a-b-c move down as a wave -a- down that should be followed by a corrective wave -b- up that can easily retrace 50% of that drop.
That micro wave count implies a bounce at least up to 21,340 (a 50% retracement of that drop.