Wednesday’s trade was somewhat range bound – solid rallies and declines but within a range. The NQ did not break below 13900 which would have given support to the market being in the beginning stages of the Minor 3rd wave decline. What this did level though is a 3 wave decline off of the 14327 high to the 13900 low. I am presenting an alternate view in that the NQ may be putting in a “double a-b-c” pattern. Where the decline to 13900 would be labeled as an “X” wave with the 2nd a-b-c in progress now. In fact within the 2nd a-b-c pattern both waves “a’ and “b” would be complete with wave “c” nearly complete. For Thursday, the NQ still appears to need additional rally with resistance at 14406 still being the most likely completion point for the Minor wave 2 bounce. Downside should it get strong would need to break below all the MA’s also below 13900 to give support to the Minor wave 2 being complete and the Minor wave 3 getting started. Also, there shouldn’t be much trouble pushing the market below 13900.
March 2, 2022