Levels To Watch As NQ Pushes Higher

This move up in NQ (Emini Nasdaq 100) off of yesterday's low is fairly strong, but I am still leaning towards that push-up being a wave b as shown in blue on our chart.  If we break out over the 12994 level followed by a break over the 13074 level, then it would suggest that we are extending in the wave 1 shown in yellow, similar to the count on the RTY. 

If we do break to new highs, I would also have to allow for the low at 12629 to have also been all of the wave 2 as shown in green. That would, however, not be my base case as it would have been quite a shallow retrace for this to have been all of the wave 2. 

If we break back under that 12629 level, then it would signal that we have topped in the wave 1 and that the wave 2 is indeed underway.

NQ 3297 30m
NQ 3297 30m
Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.