Hi traders,
Overview: this is my first post of NQ daily Elliott update series. After careful examination of the structure and ratios between the waves, I am considering the scenario that from Nov. 2021 highs, we have completed a zigzag so far as W. Since May 12th 2022, we have started a complex flat correction as wave X with its B also developed as a flat. Right now, we are in leg C of X, which develops in 5 waves.
Lower Timeframe Count: lets look at the hourly chart, where we have completed waves I, II and a of III so far. Same as my ES update, wave b of III is going to retest the broken channel of wave I, probably to the 12000 zone (11974 is 0.333 retracement of wave a).
Trading Tip of the Day: depending on where we open, I think its going to be a nice trending day. If we open more or less in the same zone as we are now, bearish day trades make much sense, otherwise, wait for the pullback of b of III to complete and look for bullish daytrades.
Overview: this is my first post of NQ daily Elliott update series. After careful examination of the structure and ratios between the waves, I am considering the scenario that from Nov. 2021 highs, we have completed a zigzag so far as W. Since May 12th 2022, we have started a complex flat correction as wave X with its B also developed as a flat. Right now, we are in leg C of X, which develops in 5 waves.
Lower Timeframe Count: lets look at the hourly chart, where we have completed waves I, II and a of III so far. Same as my ES update, wave b of III is going to retest the broken channel of wave I, probably to the 12000 zone (11974 is 0.333 retracement of wave a).
Trading Tip of the Day: depending on where we open, I think its going to be a nice trending day. If we open more or less in the same zone as we are now, bearish day trades make much sense, otherwise, wait for the pullback of b of III to complete and look for bullish daytrades.
