I updated the roadmap for the S&P 500 Index/futures this morning and here now is my map for the NASDQ 100 futures …
My last update was on November 21st (click here for that post). Here is the roadmap and time window from that posting.
NASDQ 100 Index Futures Contract (NQ_F) – 240 Minute Chart #6 (November 21st)
If you read that earlier post, you will note that the three prior smaller corrective bounces in this move lower all came in at the 1.382x time window. That prior symmetry is why I think the 1.382x window will work again this time. That implies that the timing window for the bigger B wave corrective bounce is for early in the morning of December 10th. Note from this morning’s post that the timing window for the ES futures contract is tomorrow morning, so having the Q’s hang around until next Monday would imply lots of chop for the next several days.
The more important item to keep track of is the actual bounce and where resistance is found … here is the current chart for the Q’s.
NASDQ 100 Index Futures Contract (NQ_F) – 240 Minute Chart #1
You can see that the prior corrective bounces in terms of resistance, failed right in the low 50%’s … so I am looking for both symmetry in the time window (1.382x) and price (around low 50%’s). I have noted a possible sooner timing window on the chart above because of how the S&P 500 chart looks to be finding a sooner timing top (tomorrow morning). Timing windows are usually pretty close for the S&P and NASDQ 100 so I have to keep aware of that fact.
NASDQ 100 Index Futures Contract (NQ_F) – 240 Minute Chart #2
So we are close in terms of price of where I expect resistance to hold for the Q’s … now we just have to confirm a move lower before really being convinced that my wave count is right.
If my wave count is correct, then I am looking for final C-wave support around the 6100 level and for that support window to come in around the end of the year/beginning of 2019.
NASDQ 100 Index Futures Contract (NQ_F) – 240 Minute Chart #3
If I look at the bigger broadening price pattern, I see a possiblity of price going all the way down to the lower support line. That seems like a long way to go, but I am keeping an open mind, if in fact we do head lower to a bigger C-wave support target.
Cheers … Leaf_West