NASDAQ Long Wave 5 Targeting Supply Zone, Then Looking to ShortI’m currently holding long positions from the end of Wave 2 (entry around 16,849). I took partial profits after Wave 3 (around 19,000–19,200) and now waiting for 4H TF Wave 4 to pull back and give a re-entry.
Once Wave 4H TF Wave 4 completes, I plan to scale back in and target the 19,500–19,900 zone.
If price reaches that zone and shows rejection, I’ll look to switch bias and short as I believe that will begin a daily Wave 2 correction to the downside.
Key levels I’m watching:
• Wave 2 support: 16,849
• Wave 3 resistance zone / TP1: 19,000 area
• Wave 5 supply zone / Final TP: 19,500–19,900
• Sell zone if confirmed reversal: 19,500–20,000
• Next short target (after confirmation): TBD once Wave 5 completes
Will update this idea as Wave 4 forms and price action confirms the next leg.
