Looking at the 5-min NQ chart from Monday's Swing Low to Wednesday's Swing High, I can see a very nice and clear 5-wave structure UP.
Once Wave 5 up is complete, I will be looking for a 3-Wave ABC Pattern down to FT Pivot and or .382-.50 retracement Level before resuming the uptrend Thursday's intraday morning trade will depends on The Opening Price in relation to the Closing Price.
I will present 2 mutually likely scenarios as my trading guideline for the morning trend (as morning prep) prior to the Open.
Scenario No. 1: Assuming NQ opens with a gap-UP.
- Short below the Open, Targeting the FT Pivot / .382 / .50 Fibonacci Retracement Level.
- Long Above the Open, targeting ADR from FT Pivot.
Scenario No. 2: Assuming NQ opens with a gap-DOWN.
- Long above open, Targeting Gap-Close.
- Short at Gap-Close Targeting FT Pivot / .382 / .50 Fibonacci Retracement Level.
