Monday’s trade formed more of an “inside” which keeps the NQ in limbo in terms of direction.  Tonight I am presenting the “alternate view” which as discussed yesterday may be moved into Preferred position shortly.  While I am still keeping the previous count alive the market needs to begin to accelerate to the upside without hesitation or pause.  Thus far that has not occurred.  The alternate view suggests that the NQ reached its high at 16768 to complete all of the longer term advancing sequences up to Cycle wave 5 and Supercycle wave 3.  This then suggests that the NQ has been in the process of forming the initial 3 waves down to begin the larger Supercycle wave 4 correction.  Thus far, as labeled on the chart the NQ has completed an Intermediate degree wave “A” at 13706 and wave “B” at 15260.  If this is the case, the NQ is within the beginning stages of a “C” wave decline.  Currently the NQ remains in the position where it needs to either begin to accelerate higher to finish wave 2 of “C” or accelerate lower to continue  wave 3 of “C.”  Currently I am leaning more towards the alternate view in that the sellers have been consistently moving in early and then towards the close.  The FED has yet to start raising rates and still states they will do up to 5 to 7 raises this year.  Inflation continues to gain steam with the latest reading showing an increase to 7%.  This week’s CPI numbers are keeping the market “influx” and more range bound for now.  I have updated the Fibonacci resistance levels for an upside move and also updated the Fibonacci extensions for the downside move.  As previously given the downside carries stronger potential for dropping back below 14000 and then 13000 before wave “C” is complete.