NQ Weekly: I wanted to share a few charts of the NQ and how we are currently hitting (or very close to hitting) at least 4 overlapping levels in this area.
Below shows the Elliot Wave pattern and some current fibonacci projections. You can see that the right, blue arrow is 127.2% of the left blue arrow.
Comparing the previous wave in the same direction (Wave 2), we see that the current wave 4 is hitting the 161.8% fib projection. We also see that the other fib levels seemed to act well as support and resistance.
Taking a measurement of the entire move, we are currently hitting the 50% retracement level. The other fib levels also line up well with past pivots.
Taking a measurement of just Wave 2, we see similar levels. All of this amounts of confluence of resistance in this area.
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