NQ Road Map Update – Jan 4/19 …

It looks like my thoughts from yesterday that the NQ was not finished making a corrective bounce to the upside are what we have occurring …

NASDQ 100 Futures Contract (NQ) – 240 Minute Chart #1

Based on wave price structure rules, I think we still have not finished the bigger second wave lower (red circle) in the NASDQ. We have completed a smaller second wave and are now bouncing into the SLOT resistance.

Breaking above the prior high of this bounce confirms my thoughts that a bigger corrective bounce was unfolding and the above chart is how I think it will unfold now.

NASDQ 100 Futures Contract (NQ) – 240 Minute Chart #2

If you look at the Volume Profile during the smaller second wave (blue circle) you can see the Point of Control at 6674.25 and a target range (black rectangle) of 6591.50 – 6755.50. A move up into that zone would get above the 50% SLOT level and into the 1.272x – 1.618x extension target zone for minor wave c of the bounce wave.

NASDQ 100 Futures Contract (NQ) – 240 Minute Chart #3

So where could the bounce end? If you look at the corrective bounce after blue circle wave 1 and extrapolate a bounce the same in size and time, you get the bounce high at 6510.00 that should end around Jan 8th.

Cheers … Leaf_West

2 thoughts on “NQ Road Map Update – Jan 4/19 …

  1. Much appreciated.
    Question: In your opinion, is there a scenario that sees the corrective bounce holding and no 3rd wave down occurring? With the uncertainty around Trump/China (meeting coming up) and Powell’s recent remarks, I’m just wondering if the 3rd wave could be halted or even just put on hold.
    Scenario: Trump/China announce actual agreement (unlikely obviously). Market shoots up, then fed actually raises interest rates on March 20th (market assumes they wont), which then kicks off 3rd wave down.

    As always, great update.

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