Levels To Watch In NQ

The move in NQ (Emini Nasdaq 100) has really become too big to reasonably be a fourth wave. So with this push higher, the only count I can reasonably come up with to suggest we are going to see a lower low would be that this is a wave b/ii as part of a larger diagonal. 

Under that case 15364-15551 is resistance, and as long as we remain under that zone the b/ii topping count remains in play as shown in blue.

Back under the 15166 level followed by a break under the 14937 level would give us initial confirmation that we may have topped in the blue wave ii/b, but we still would need a full five down off of the highs to further confirm. 

If we break over that level, then it would further confirm that we may have put in a bottom in the wave ((iv)) as shown in white. This, of course, has some issues based on the structure of the move up off of the lows, so I have a difficult time with this count as well. 

NQ 10116 60m
NQ 10116 60m
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.