NQ - I do not want to go long here.
Let’s start the day from a bigger picture.
NQ has reached the Red Target box on a longer term 240 min chart.
The more it stays here the more I think its a more significant top.
Not -iii- of ( c ) of ( iii ) but rather ( c ) of ( iii ).
That would mean that a coming pullback may get deeper, follow more complex structure and take longer time.
Can it get deeper into the Red Target box before it reverses down?
I think it can. Let check below NQ 30 min chart.
But I do not see here a good long setup.
NQ - 240 min chart updated at 9-10 AM on 11-12-2019
I can see only one good micro count for NQ.
That count implies the recent pullback in subwave -b- down of wave -v- was shaped as a symmetrical triangle
And it confirms my theory that one more push higher would complete a bigger wave ( iii ) up.
That micro count confirms that target of 8,327 we have had on 240 min chart for several weeks.
NQ - 30 min chart updated at 9-10 AM on 11-12-2019
However, if I look at QQQ it still has a bearish look.
It still looks like it is topping in subwave -b- up and needs decline in subwave -c- of wave -iv- down. NQ may produce here 1% rally. But it may get a bigger drop. I do not think its a favorable Reward/Risk ratio to go long here for a potential push to a nominally higher high.
QQQ - 15 min chart updated at 9-10 AM on 11-12-2019
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