On Thursday, NQ pullback down to re-test the breakout price level, prior swing high 4995, December 2016 high, which is now key support level. As long as NQ continue to trade above 4995 the bias is still to the bullish side.
The successful re-test of 4995 support on Thursday is setting up a fast move up to the next target/resistance zone, 5080-5100. As long as NQ continues to trade above 4995, the above target is remains valid.
However, breaking back below 4995 is bearish, and very likely to trigger sharp and large decline to 4850 - 4900 is a very short time ( 2 to 3 days)
Key inflection price level for NQ on Friday will be 5025.
-- NQ is bullish above 5025 on Friday. If so, the next upside target is 5060 - 5080 before profit -taking could push price back down.
-- Breaking back below 5025 implies NQ is going back down to retest support 4995-5000.
