NQ - among two alternative counts I still favor the primary bullish one
Below is my Primary Bullish count. It has not changed even after panic selling during overnight session.
After close NG extended lower and tagged 76.4% retracement level ( as measured against the rally started on June 4, 2019 ).
Technically speaking, as long as it holds over its critical support at the bottom of wave 4 down made at 6,967 on 6-4-2019
However, this wave ( c ) looks too big in comparison to the first leg in subwave ( a ) down.
This primary count does not have flaws. Yes, wave ( c ) got very long in comparison to wave ( a ).
But in absolute terms wave B down under that Primary Bullish count is pretty normal.
Wave B of 5 normally retraces 61.8% 76.4% of preceding rally in wave A of 5.
This is exactly what we got. nevertheless I want to discuss with you less bullish alt count. Scroll down below please.
NQ - 240 min chart updated at 3-55 PM on 8-5-2019 ( "BULLISH" )
The only reason I consider that alt count is that under my Primary bullish count the subwave ( c ) down looks too big in comparison to subwave ( a ) down.
That could be a sign that this drop is a correction of one degree higher. That means that NQ might have already completed wave ( A ) of ( 5 ) and now we are watching the first leg down in wave A of ( B ) of ( 5 ). Normally, wave ( B ) of ( 5 ) has to be structured as A-B-C. And under this A-B-C structure wave A down looks big enough to be completed here. What I am trying to say that even that alternative count we should get a sizable bounce in wave B up that can go all the way up to recent highs reached in July 2019.
Finally, I want to make one more note about that alt count. What i do not like about that alt count is that wave 5 of ( A ) of ( 5 ) does not have A-B-C subdivision. That is a very important flaw in this count. That is why i still favor my Primary Bullish count described above.
NQ - 240 min chart updated at 3-55 PM on 8-5-2019 ( "ALT COUNT" )
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