On Tuesday, NQ opened just above its balance point then rallied up to higher-high before pulling back down to re-test its breakout level before rallying back up again to another higher high, with a small profit-taking decline near the close.
On the 5-minute chart, NQ has rallied 5 waves up from its Monday's swing low into Tuesday swing high. At the end of the day on Tuesday NQ may have completed its 5-wave rallied, and if so, it should now retraced a certain percentage of the entire 5-wave rally before heading back up again.
Key price level for NQ on Wednesday is going to be 4240.
-- Trading below 4240 on Wednesday morning is an indication the 5-wave rally has ended and that it is going into a retracement mode likely in the form of an ABC wave pattern down. First support is 4225. If 4225 holds, NQ should continue to rally to another higher-high. Clearly breaking below 4225 could take NQ price down to 4195-4200 support.
-- Staying above 4240 implies the current 5-minute uptrend is still in progress, next target is another higher high, likely to 4275.
