Topping/distribution price actions continued on Wednesday, with insiders downloading their long position in the morning then pumping it back up again in the afternoon.
Looking for the topping price actions to end by late November to early December before the bear market begin, with the first down-leg lasting 2 to 3 months and dropping down to 38.2% Fibonacci retracement level before a big bounce.
On the short term intraday timeframe, key price level for NQ on Thursday will be 6070, acting as resistance at the close on Wednesday.
-- If NQ can trade above 6000 in the morning on Thursday short-covering should push NQ higher to the next resistance at 6090 then 6105.
-- Failure to break back above 6070 could attract new round of selling, with first support at Wednesday's swing low.
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