Tuesday’s trade was wild and somewhat unexpected. The NQ initially found strong buyers during the Globex session which pushed the market back towards resistance at 14083. Once the U.S. session got underway the buyers were again strong and pushed the NQ to the session highs at 14108. As I discussed in last night’s update the NQ had begun the process of tracing out a minute 4th wave bounce. Today’s high has been marked as the completion point for minute wave 4 with minute wave 5 now underway. Within wave 5 it appears that the first and second waves are complete and if this is the case the NQ should drop again tomorrow in wave 3 of 5. Support to complete the move comes in at 13450, 13345, and then 13092 to 13043. The completion of minute wave 5 would also then complete the larger Minor wave 3 and then set the stage for a somewhat larger Minor 4th wave bounce. Once wave 3 is complete I’ll add the retracement levels for the expected 4th wave bounce.
February 22, 2022