After a quick decline in the morning on Monday NQ rallied most of the day, but profit-taking and heavy selling by traders anticipating a strong selloff on Tuesday tanked NQ about 20 points at the close.
Looking at the 60-minute chart, it is clear that Monday's high is wave abc 1:1 up as measured from Friday's low to Monday's morning high and Monday's low to Monday's high.
Trailing stoploss for the buyers are now just below Monday's swing low, so a clear break below Monday's low is likely to trigger momentum algo selling that could quickly tank NQ down to 3800.
Staying above Monday's low implies a sideways consolidation or another rally day.
Price inflection level on Tuesday is 3895 for NQ
-- Bullish above
-- Bearish below
