$NQ Local Reversal Target & Wave Count

As this whole structure develops across instruments, I am gaining confidence in some very bearish structures. Consistent with the basic structure on the Nasdaq (here), Apple (here) and Bitcoin (6th chart here) and other things as well, we may interpret the Nasdaq 100 as completing a wave 2 of significant degree. We are virtually at the 61.8% retracement of orange 1 now, and I would like to see this reverse soon to help to confirm this count.

The H&S target noted here is around 10,460, but if this is—in fact—a wave 3, it may go significantly lower, even as low as 9173 (or lower), believe it or not—hence the gloominess.

NQ


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