Still Cautious About NQ


The Emini Nasdaq 100 futures (NQ) moved down overnight, but it never broke under the 12021 low, which is technically keeping the yellow nested (i)-(ii)- i-ii count in play.  That being said, this path is far from ideal, and we still don't have a great fit with the other indexes, so unless and until we can get back up over the 12378 high I do remain a bit cautious under this count.

If we do break out over that 12378 high, then the door still remains open to seeing a push up to the 12600-12757 zone for the wave iii with ultimate wave v of (iii) target in the 12854 zone.

If we break under the 12021 low, then it will make it more likely that we are going to see another lower low under the purple count for the wave 5. Under that case I have larger degree support down at the 11500-11149 zone below. 

NQ 3156 15m
NQ 3156 15m
Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.


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