NQ: Leaning Toward The Bullish Path
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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.
