Wednesday’s trade was not as strong to the upside as Tuesday, but strong enough to push the NQ to resistance at today’s high at 12517. The pattern in progress remains a Minor wave 4 countertrend bounce. Within Minor 4, it still appears that the triangle pattern has been invalidated leaving Minor wave 4 as an A-B-C structure. Waves A and B are complete and within wave C today’s high looks to have completed wave 3 of C – with the pull back now in progress. This move should drop the NQ towards 12312 with potential for a drop back to the hourly 50 which is at 12234. This move would complete wave 4 of C and leave a finishing 5 wave of C to occur. Resistance remains at 12550 to 12675. Once complete, expectations would be for Minor wave 5 down to begin with a move below the hourly 50 as well as a break below the hourly 200 EMA at 12004 and the 200 SMA at 11972. Ultimately wave 5 should also break below 11500 and 11000, 10750 finding support at the 10670 area before completing the move. Once underway I will be able to tighten the downside expectations.