Friday’s trade was interesting and very profitable. The NQ initially saw some buyers move in via AAPL, FB, TSLA, and MSFT as early expiration “wishes” were let loose. That was short lived-in as the upside lasted all of 30 minutes before the sellers moved back in and resumed the trend which is down. The Elliott count remains the same in that the NQ complete minute wave 2 at Thursday’s 13542 high. Friday’s 13433 high then completed a smaller degree 2nd wave with the smaller 3rd wave kicking in and taking the NQ down over 500 points.
For Monday, expectations remain for minute wave 3 to continue. This thought would gain support on a break below 12800 and I do expect the NQ to break that level and continue lower. I would be looking for bounces to be small and held by resistance via the 8, 20, and 50 MA’s. Support comes in at 12623, 12337, 12050, 11840, 11643, and then 11125. Ultimately, minute wave 3 is likely to complete between 10552, 10198, and then 9625.