$NQ has recaptured the parallel rails that I have discussed before (e.g., second chart here).
So long as it can remain within those rails, I won’t be too concerned. I would like to see it push above the September 2020 high soon though.
Locally, it is possible to count the structure as an impulse up, and a shallow, 3-wave pullback for minute (blue) 2, with what could be an ending diagonal for the “c” of that “2.” If this count is correct, the 3rd minute wave can go above 13,000.
Out of curiosity, I have posted the large head and shoulders pattern on Twitter (here) in the hopes of gauging sentiment. I haven’t pointed it out before because it’s literally just about all I see on Twitter. And typically, when everyone is focused on a pattern like that, it doesn’t break down. It will be curious to see how popular the public tweet is. But, if any of you are looking for an alternative to my bullish thesis here, then that’s it.
I will reproduce the chart here:
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