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