NQ traded sideways on Friday. Looking at the pattern on the 5-minute chart, NQ has a very clear five wave pattern up when looking at it from Thursday July 14th swing low.
And Friday was wave 5 trading pattern on the 5-minute chart. Wave 5 rally may or may not have ended. Thus key price level we can watch on Monday will be at 12,000.
If wave 5 rally has ended, NQ should break back below 12,000. If NQ remains above 12,000, it is an indication wave 5 is in progress. If so it can continue higher, with the next resistance at 12,200.
Breaking back below 12,000 implies a pullback, first support is 11,850.
