Market Flat Going into Close
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After futures briefly exceeded Monday's high during pre-market trading, price quickly reversed lower following the session open and now looks set to close near the lows on the day and flat compared to yesterday's close. Therefore, it is possible that the pre-market high was enough upside to satisfy 5 waves up from the October low now complete.
However, price would need to break back below the overnight low at 5871 and eventually the low made earlier this week as evidence of a top. Until then, more near-term upside is possible before wave v completes with 5935 - 5950 still a potential target range.
NQ futures are so far holding a potentially more immediately bearish setup as a possible i-ii 1-2 down from Monday's high, but price would need to maintain below the high made this morning for that to remain valid. It would also require a breakdown below yesterday's low to trigger the wave iii.
