Tuesday’s trade produced the bulk of the minute wave 3 of Minor C. The NQ did break below support at 15261 and appears to need an additional leg down before the subminute wave 3 is complete. Support remains below at 15077 and then the Daily 200 MA at 14959 to 14947 to 14825. Once complete expectations would be for a subminute 4th wave bounce which at this juncture would likely be held below 15170 to 15250. Minute wave 3 is still expected to drop the NQ to support at 14501 to 14410, with potential for a stronger decline to support at 14145. Again, once complete we should see a bit larger minute 4th wave correction and once wave 3 is complete I will be able to supply Fibonacci retracements for wave 4. Ultimately though, the NQ carries potential for dropping towards 13925 to 13569 before the larger Intermediate wave 4 correction is complete.
January 19, 2022