$ES, $NQ, $RTY: Bulls Can Produce Another Hated Rally

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$ES $NQ $RTY #Weekend

It sounds crazy but NQ has potential for a large extension of that already overextended rally:

NQ-mini 240 min chart

The current wave ( iii ) up can rally extend another 10% up to 27,200 – 27,800 before we can call it complete.

zooming-in:

NQ-mini 240 min chart

If bears manage to push NQ slightly lower to tag the Green Demand box that starts at 24,810, that would complete a corrective Running Flat a down, b up, c down structure and would be an attractive long setup to ride n accelerated part of a rally targeting 26,200.

So we are talking about a potential accelerated 2,000 point rally.

Note that 24,726 is the Monthly Support for October. Break under that level should be considered as a very bearish signa.

Monthy Resistance is 25,169. Break over that level will most likely be followed by a very strong short covering rally.

I would set a protective stop under 24,634.

Let’s talk about small caps represented by RTY-mini.

In my last macro update shared in July 2025 I concluded:

“That flat consolidation allows bulls to start a strong leg up in a subwave -c- of wav e-iii- up targeting 2,581”

This is how RTY chart looked like in July 2025:

RTY-mini 120 min chart posted on July 30, 2025

RTY has been following the very bullish wave count we shared in July 2025:

RTY-mini 120 min chart

RTY went up 10% from 2,230 to 2,488 in just two months.

The structure of that rally off the April’25 low is nowhere close to get completed.

It is possible that the wave (iii) up would top around 2,605 (in a compressed five wave up structure a wave ( iii ) up may top at a 138.2% ext of the wave ( i ) up.

zooming-in:

RTY-mini 120 min chart

Now let’s update the micro chart of ES-mini:

ES-mini 10 min chart

The sharp micro drop we got on Friday afternoon may be considered as a subwave c of a corrective Running Flat structure.

That a-b-c move down sets the stage for an accelerated rally targeting 6,856.

The key support for ES-mini is 6,743.50.

ES-mini has formed a new Month Opening Range for October 2025:

  • Monthly Resistance for October is 6,800, and
  • Monthly Support for October is 6,705.

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More To Explore

$ES: Looks Ready For a Breakout

$ES #ES-mini #trading setup #ElliottWave ES keeps consolidating building a base under the key resistance 6,794: ES-mini 10 min chart

CastAwayTrader October 7, 2025

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