$NQ: Dropped as Expected and Hit the Target

$NQ #Bullish scenario

Last week we correctly predicted a drop in NQ.

Yesterday NQ has tagged the minimum required downside target 24,400:

NQ-mini 240 min chart

In my update published on Jan 30 I noted:

“NQ has a short term bearish look. That wave count allows bears to push NQ down to 24,400:”.

Yesterday NQ has tagged the upper green box, specifically the textbook 76.4% extension of the wave (a) down. That is the test level., the last line of defense for bulls. If we are in a strong bull market bulls should be able to defend that level. If bulls manage to turn NQ up rom 24,400 they will secure an attractive long setup for a rally in a wave ( v ) up.

If bulls fail to stop the bleeding at 24,400 then we will most likely get a painful extension down to 22,860, the upper edge of the fat green demand zone. For swing traders the key level is 25,025, a broken Yearly Support.

Break under the Yearly Support encourages bears because it changes macro environment favoring multi month decline // trending move down.

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