Playing around with the 60M NQ this morning and musing aloud. Picture perfect 5/8 (blue horizontal line down to green) move down this morning of octave drawn from Wednesday's low to Thursday's high (blue line to blue line).
After a 5/8 move, I look for at least 1/8 or 2/8 counter trend move. So far, we have bounced 2/8+ back up (green line to green line), but let's see if the hourly candle closes above 2/8. After that, it's decision time--the market will either reverse down from that level to attempt to retest support, or continue up past the 2/8 move and keep seeking higher successive 1/8 levels to try eventually to head back up toward the 8/8 (blue) line.
Let's see what happens if we can get to the red line at 11985-ish, which would be a 3/8 retracement. If we don't pause and reverse at 11985-12,000, then it wouldn't shock me if we kept going up and closed at or near green today. But I'm waiting to see how this 60M bar closes. Doesn't look all that great right now.
Charts can be beautiful using the rear view mirror, but man, these swings can be violent.