NQ traded sideways on Friday with the open at the day high and closed at the day low, a very bearish close.
It is clear on the 60-minute chart, the pattern looks like NQ is going to make a C-Wave down, with a 1:1 target down at 17,390 where it will be at multiple support zone coming in from trend line support and 200-ma support and 1:1 support (equal drive down where wave C = Wave A) and will be in extreme oversold zone, thus may cause a big bounce.
Looking at the daily chart, however, strong support coming in from prior swing high on December 28, 2023 high is at 17,150.
If NQ should go down to 17,150 on Tuesday or in the next several days, we could see a big bounce from 17,150 support to retest broken 20-ma back up to 17,500-17,700...
On the 5-minute chart, key intraday inflection price level will be at 17,800, bullish above, bearish below it
