Tuesday's trade chose scenario one as presented on last night's update. The NQ continued to rally during globex nearly reaching above 15200. By the time the US markets opened the NQ was heading lower and remained in that mode for the balance of the session. The first scenario remains the same in that the NQ remains in the process of tracing and internal "c" wave within a bit larger "b" wave. This being the case should continue to see the NQ move lower first below 14725 and ultimately to a zone from 14380 to 14100 before Minor wave "C" of Intermediate wave 2 begins a 5 wave advance. Yes, back above 15268 and likely back towards 16000.
The second scenario carries the NQ back down to 14100 but doesn't stop there. The Elliott count remains the same except Intermediate wave 2 ended at 15268 and the NQ is in the initial stages of an Intermediate 3rd wave decline. The move would then be expected to break through support from 13897, 13830, 13630, and ultimately below 12943.
The third scenario would require the NQ holding to the parameters of #one, but carry a larger upside payload. Where the NQ could get close to the 16768 high. More on this should it get engaged.
WEBSITES:
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