Tuesday’s trade saw the rally continue in the NQ with the market starting the session by reaching a high at 15219 before dropping to session lows at 15032 with the first hour. From the low the NQ rallied right into the close. The closing high was reached at 15269 and may have completed wave 3 of “C”, which is a part of a larger Intermediate wave 2 corrective bounce. Likely for the balance of the week, the buy side will dominate internal correction notwithstanding. For tomorrow I will continue to look for follow through upside reaching next resistance at 15315. The “C” wave in progress still needs a permanent placeholder for wave 3 of “C” and then a 4th wave small correction followed by wave 5 of “C” moving higher. The resistance zone that I’m looking for begins at 15521 then 1540 to 15675 and then 15813 and if all goes well it will reach that zone on Friday and complete wave 5 of “C” and the larger Intermediate wave 2.
March 29, 2022