Nasdaq continued its sideways (wave B or 2) retracement that started on Friday afternoon. Once completed wave 3 or C commenced, and was confirmed by a break above 2750 key level.
As long as NQ is above 2750 on Tuesday the next leg up is in progress with wave C target zone between 2775-2790 area, but wave 3 target is much higher.
A clear and sustained break below 2750 implies the current upleg has ended. If so look for NQ to go down to re-test Friday's swing low.
Chart showing potential path for NQ on Tuesday
++04_03_2013.jpg)
ES has a similar chart pattern with similar potential path. Key level is 1518, chart below.
++04_03_2013.jpg)
