tandroide

NQ1! Nasdaq futures analysis (resistance & supp, Elliott) 01-09

Long
CME_MINI:NQ1!   Futures NASDAQ 100 E-MINI
Today's movement is similar to yesterday's:
->Force up at the beginning
->Finds important resistance and retreats heavily (yesterday it was relatively slow, today relatively fast)
->It then retested and defeated the previous resistance (both time with speed)
->It ends market hours moving up again

Therefore the analysis is not very different from yesterday's:
->We could see important movement up tomorrow

However, from an Elliott perspective:
->The important retracements of 31-08 and 01-09 are different in nature (one slow, one fast)
->They could be showing waves 1, 2, 3 and 4 of a wave 3.
->Today's market hours up movement could be wave 5
->In that case we could see a wave 4, that could find important support and therefore behave like the one in 26/7-08

What are your thoughts?

Thanks for reading, thanks for commenting
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