On the last week of December 2021 NQ re-tested the high made in Nov 2021 and turned down.
Moreover, bulls failed to hold NQ over the breakout level 16,440.
That resistance was tested numerous times in November – December 2021.
But despite super favorable bullish seasonality bulls failed to push NQ to a new all time high.
As long as bulls hold NQ over 50% retracement of the preceding rally (16,070) we may consider that decline as a corrective a-b-c down structure.
Break under the Green Demand zone (15,900) would make NQ look very bearish.
If bulls manage to stop that decline in the Green Demand zone they will be able to start another rally targeting 17,300 (minimum 76.4% ext of subwave -a- of wave -v- up).
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