Monday’s trade was again full of volatility in both directions.  Yesterday I talked about the necessity to consider presenting the “alternate view” for the ES and NQ.  I have now laid out the parameters for the NQ while leaving the labeling as is for now.  On tonight’s update I also include the “no break” levels for both a continuation of the downside path or a continued upside move.  The alternate view for the NQ could be tracing out a complex series of 3 wave declines.  Tonight I have updated the possible paths for upside and downside along with the implications to reflect the preferred and alternate views.  The NQ saw initial selling during the opening rotations and did not participate in the opening rallies.  This is why I am leaving the labeling as is for now.  The NQ did end up putting in a solid “up” day and did reach resistance for the move in play.  I am also including “no break” levels for both the upside and downside which should clear up directional questions if/when either are broken.  A break above 16000 would negate an additional low under 15538 for now, while a break below 15700 should set the stage for the move lower.