I spent some time yesterday explaining my roadmap for the
NASDQ 100 Index Futures Contract (NQ_F) – 15 Minute Chart
As mentioned in yesterday’s blog post, the Point of Control for all of the trade action during the minor wave 2 lower was at 6516.50, which was also right around the 61.8% Fibonacci resistance level in the SLOT. As you can see in the above chart, price has made the typical 3-legged move during what I am thinking is the “C” wave of the corrective bounce into the SLOT.
If my read is right, then price is going to fail at moving materially higher from here before it turns lower to make what I think will be a minor low below the Dec 24th low. That 3rd wave low will complete the bigger Wave 2 and setup a bigger bounce into a bigger level of resistance. From there, I think we head lower one more time to complete the 3-wave corrective pattern off of the recent all-time highs.
Cheers … Leaf_West