NQ opened with a gap-up on Tuesday. On the 60-minute chart, we can clearly see NQ opened to complete wave 5 of 5 for the wave from the October 03 low.
Wave 5 completion tends to open with a gap followed by a reversal which is exactly what happened today.
NQ decline stopped at key support 7840 on Tuesday, an important support. A break below 7840 on Wednesday is likely to attract a lot of selling. But the more important support comes from the daily chart, 7800.
A break below 7800 is going to trigger heavy selling from the daily chart algos. Next support below 7800 is 7500 area.
On Wednesday failure to break below 7800 could cause a bounce back up to 7930 area.
