Nasdaq Pullback Begins?

NQ September futures (Nasd 100) are up over 52% since its 3/23 low.  This market is on fire.  But is a pullback starting? Yesterday we got a bearish engulfing candle at its monthly R2.  We have bearish momentum on the MACD.  If yesterday's high of 11058.50 holds, then how low can we go? The first thing I like to check is the symmetry of the recent pullbacks.  Doing so gives us two clusters.  The first cluster is between 10571.50 and 10443.75.  The second cluster is between 10286.75 and 10214.50.  Any pullback into these two areas is considered bullish because it is in symmetry with all the other ones since March.  However, if it falls below the second cluster we can expect a bigger correction to be taking place.  The next level of support to watch would be the 34 EMA wave, which includes the point of control level of 9950.35.  This is the biggest volume area since the March rally.  A move back into this zone could be a buying opportunity.  Finally, for a little perspective on this giant rally, a move all the way down to 9365.28 would only be a 38% retracement.  This big of a correction would still keep the daily chart in good shape.

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