Let;s start from the updated chart of QQQ that I posted at 1.30 PM on Wednesday. QQQ topped right into the Red Supply zone shown on my chart.
I expect to get five wave down move in subwave -c- of wave ( b ) down followed by another strong rally in wave ( c ) up.
Below is a bearish alternative count of NQ.
It counts the first drop into Friday morning as the first leg down in wave ( a ) down.
A pullback that retraced 50% of the drop and topped on Tuesday morning with a spike on FED rate cut as a corrective wave ( b ) up.
That final subwave ( c ) down has to be structured into five waves down.
Yesterday we could get wave -i- down.
Today we could get a corrective wave -ii- up.
Then the next move is subwave a of wave -iii- down targeting 8,450 – 8,340.
Now let’s talk about my primary scenario that we can call “NEUTRAL” (see blelow).
The neutral scenario also points down.
The main distinction from the “BEARISH scenario that after the first drop that can come back down to the last Friday’s lows we can get a strong rally in subwave ( c ) of wave ( B ) up (the green line).
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