As expected, NQ trended down in the morning to complete its wave 5 down for the wave series that started from last week Thursday swing high. Wave 5 down ended at around 11:45 am and then rallied back up to just below resistance at the close.
With the afternoon rally as wave A of the first leg up, once completed, I am looking for NQ to pullback down for its wave B, with support coming in between 2960 - 2970.
As long as 2960- 2970 support zone hold any decline, NQ should then rally back up to 2995 - 3000 resistance. Breaking above 3000 could trigger a fast short-covering rally.
