NQ Still Holding Downside Setup

The Emini Nasdaq 100 (NQ) is still holding the downside setup for the time being under the 15139 level.

If tNQ breaks over that level then it would open the door for all of the wave ((iv)) to be in place with further confirmation coming with a break over the 15439 level overhead. 

If we can hold under the 15130 level and then break under the 14814 followed by a break under the 14648 level, then it would give us initial confirmation that we are moving lower to fill out the wave v of C of ((iv)) down. 

Until we break the resistance or support levels noted above we are in a bit of no-mans-land on a more micro level. 

NQ 1026 30m
NQ 1026 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.