On Tuesday NQ opened with a gap-up above Friday close, then after closing the gap, rallies back up in A-B-C wave pattern before reversing and dropping back down to key support.
NQ spent the rest of the afternoon trading sideways consolidating the large decline, usually implies a continuation after the consolidation has ended, whicm means we should get anothe down leg on Wednesday.
NQ intraday pattern on the 5-minute chart looks like it could rally on Wednesday simply because 13,740 support seems to be holding up quite well. To rally however, NQ has to stay above Tuesday low, which is key support for Wednesday, and then break above 13,800 to run-over trailing stop-losses for the shorts.
Failure to do that sets up a large decline especially if NQ can break below Tuesday low, 13,720 and continue lower.
