No Man's Land In Micro NQ Chart

As I mentioned yesterday the very micro price action in the NQ (Emini Nasdaq 100) is quite sloppy, so I am going to focus on the price levels associated with the pivot just overhead and support below. Those levels remain at the 12665 and 12730 zone, and should we break that zone followed by a break over the 12836 level then we will have confirmed a bottom in the wave (b).

If we hold under that pivot zone and then turn back lower under the 12292 level below, then it opens the door for this to have topped in the yellow wave b still needing a deeper wave c of iv down to new lows before the larger degree wave iv is in place. 

Those are the parameters and they remain unchanged from what I noted yesterday, and until we move through those levels we are in a bit of no-man's-land on the smaller degree timeframes here. 

NQ 2156 30m
NQ 2156 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.