On the 5-minute time-frame, NQ had a nice clean 5-wave rally from last week Thursday afternoon swing low to today's swing high. Wave 5 may not have ended at the end of the day on Monday. If so we should see more rally on Tuesday morning followed be a decline.
Key level to watch on Tuesday will be the 50-ma on the 5-min chart. Below 50-ma implies wave 5 rally on the 5-min chart has ended, and it should be followed by a decline towards the 200-ma on the 5-minute chart.
If, on the other hand, NQ continues to stay above 50-ma on the 5-min chart, the rally could continue to higher levels.
