NQ - even the bullish count looks very toppy
Let’s start from a big picture. As you can see on 240 min chart below we still deal with a topping structure of subwave ( c ) of wave ( iii ) up. That wave is called the “heart of the rally” for a reason. It keeps climbing higher without any significant pullback. It keeps pressing bears and make them capitulate.
NQ - 240 min "Big Picture" chart updated at 10-22 PM on 11-26-2019
Let’s now zoom-in to see the impulsive structure of subwave ( c ) of wave ( iii ) up.
That subwave ( c ) has to have an impulsive structure and should be subdivided into five micro waves labelled as -i, -ii-, -iii-, -iv- and -v-.
On the chart below you can see that micro wave -v- up is testing a common topping 250% extension of a micro wave -i- up.
If we want to add more certainty and increase accuracy of forecast about the topping zone we can go really micro – micro and check the very last -a-b-c- up structure inside the micro wave -v- up. To do that we will switch to 15 min chart from 240 min chart. Please scroll below.
NQ - 240 min chart updated at 10-22 PM on 11-26-2019
First we note that the bottom of corrective subwave -b- down has made a higher low over the starting point of subwave -a- up.
Subwave -c- of wave -v- up tends to top at 123.6%, 176.4% of subwave -a- of wave -v- up.
There are two alternative extreme cases where subwave -c- of wave -v- up tops at 223.6% or, in contrast, gets super short and terminates at 76.4%
So far we can see that 123.6% ext is very close to get hit.
Finally, we may attempt to count micro micro five waves inside the very final subwave -c- of wave -v up. As you can see on the chart above, the micro micro structure of the subwave -c- of wave -v- up looks impulsive, we can easily count five micro waves in its internal structure.
Ideally to get completed it needs only one micro push higher in c of v of -c- of -v- of ( c ) of ( iii )
At the same time we should not be perfectionists or purists. As you could see that subwave ( c ) of ( iii ) has a very completed structure.
Sometimes that perfect very last push higher never comes!
Therefore we should watch the very last low made by a corrective micro wave iv down as a critical support level.
It is located at 8,366.25. Violation of that level would be the first confirmation of the completion of the whole structure of wave ( iii ) up.
NQ - 15 min "Zoom-in Picture" chart updated at 10-22 PM on 11-26-2019
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