Curr: Long Looking to: Sell 13,459 / short 13,600
As of 2/26/21 close: 12,911
LAST WEEK: We suggested covering shorts at 13,271 and getting long at 12,810. Stops on longs were to be honored on a close below 12,725 and the tgt was 14,100.
UPDATE: NQ futures came down sharply this week touching both our short-covering target at 13,271 and our long-entry target at 12,810. They look to us to have completed five waves lower in the short-term for wave a of a potential abc downside correction. They should, in theory, bounce here for 4% - 6% for wave b. That puts the short-term resistance range at 13,459.75 13,599.75. From there, we will be looking for a move down to our wave c target at 12,473. We would sell longs at 13,459 and get short at 13,599.75 with stops honored on a close above 13,625 and would look to cover those new shorts down at 12,473.