A gap-down and trend down day for NQ on Thursday. Looking at NQ pattern on the 60-minute chart, from Tuesday December 29th day high to Thursday swing low, it was a clear 5-wave decline.
Although it has not gone into oversold condition on the 60-minute chart, if wave 5 down has ended NQ should rally on Monday.
Key support for NQ on Monday will be 4580.
-- Trading above 4580 is an indication NQ is either in a rally mode or a sideways consolidation mode. NQ would need to clearly break above4630 to trigger short-covering rally. If so, the next resistance is 4660.
-- Trading below 4580 is likely to trigger a another round of algo sell programs. If so the next potential support is at 4500.
