Sunday’s Globex session is seeing some selling to start. The NQ is currently sitting just above 12100. As I discuss very often, I normally am running two “counts” with slight differences as to the outcome. I have adjusted the labeling to reflect the 2nd parallel “count.” This count suggests that the Minor wave 3 of Intermediate wave “C” completed at the 11068 low with the NQ in the process of finishing a Minor 4th wave bounce. The difference then, between the two is the intensity of the expected downturn as in is it a 3rd or a 5th wave.
For tomorrow, expectations remain for the NQ to continue to move higher to finish wave “C” of 4. Resistance for the move comes in at 12200 to 12262 and then 12289 to 12325, and then 12545.
If, the market turns lower before moving above 12262 it there would be a strong possibility that the Minor 4th wave ended in a failure with the selling picking up intensity and velocity. Breaking below the hourly 50, and 200 EMA along with the hourly 200 SMA should clear the path for the decline to break 11351 and then 11068.