NQ attempted rally soon after the open produced a small but invalid penetration above the band, stopped just below FT Pivot resistance. It quickly dropped down impulsively, on subwave wave 1 of 5, down to S1 support and 2770-2775 prior resistance now support (see 60-minute chart February 8 to February 20 highs).
A clear break above the band that is followed by a choppy pullback down to the band confirms wave 5 down has ended and that wave A or 1 up is in progress, first target is the FT Pivot resistance.
Below the band implies wave 5 down is still in progress, next downside target is 2755 prior swing low.
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