NASDAQ NQ_F: Another Ongoing Buying Setup with Partial Profits Taken
In this technical article, we are going to present another trading setup we got in NASDAQ Futures (NQ_F) . The futures has extended pull back, giving us another buying opportunity. NQ_F completed correction at the Blue Box Area. In the next parts, we’ll explain the Elliott Wave pattern we saw and discuss the trading plan in detail.
NQ_F Elliott Wave 1 Hour London Chart 04.05.2024
Current analysis indicates that NQ_F is nearing completion of wave ((iv)) pullback. The pullback has extended, and the price has reached a new extreme zone at 18057.25-17742.24. Another short-term low would be ideal to complete 5 waves down within the (c) blue leg. Nevertheless, we’re already long from the Equal Legs level at 18057.25. With the main trend remaining bullish, we anticipate at least a 3-wave bounce from this area. Once the price retraces to the 50% Fibonacci level against the (b) blue connector, we’ll secure positions, set the stop loss at breakeven, and capture partial profits. A drop below the 1.618 Fibonacci extension level at 17742.24 would invalidate the trade.
Source: -forecast.com/trading/nasdaq-nq_f-another-buying-setup/
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