The uptrend continued on Thursday ahead of the 4th of July long weekend holiday, with the close at the high of the day. As long as key support level continue to provide support on any pullback down the uptrend should continue.
Key support level for Monday in NQ is 3895-3900
For NQ (see daily chart below) it is currently still in wave iii of 5 up, but it may be ready for wave iv pullback down at anytime now. If so, it would need to break key support level, which on Monday is 3895-3900.
However, as long as 3895 price level is not clearly violated on any pullback down move, wave iii of 5 is still in progress.
However, as long as 3895 price level is not clearly violated on any pullback down move, wave iii of 5 is still in progress.
A clear break below 3895 is an indication wave iv is in progress with downside target at 3870-3875 area. I am still looking for another higher high (wave v) after wave iv has ended. Only a clear break below 3870 would invalidate the above analysis.
