NQ: Leaning Toward The Bullish Path

The move up off of the 12995 low in the Emini Nasdaq 100 (NQ) is not the cleanest of five waves up, but bigger picture it does fit best as a full five up, as well as what I'm seeing on the other index charts. 

So, I am going to lean towards the green count, which is suggestive that we are topping in a larger wave i, with this move lower being a wave ii pullback. That would put support in the 13216-13078 zone. 

As long as that zone holds, then the near-term pressure will remain up, and I would be looking for the wave iii of larger (iii) to begin and break back up over the 13400 level. 

If we break under the 13078 level followed by a break under the 12995 level, then it would open the door for this to have put in a larger top. For now, however, and as long as we are over the support levels noted above, I am leaning toward the bullish path as noted above.

NQ 586 30m
NQ 586 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.