NASDAQ 100 E-mini Futures is showing a beautiful channel play !
There is a high slope minor up going parallel channel in low slope major up going channel. Index is reaching to upper top of both channels and reaction will be exciting.
Break out from down side of minor channel will probably triggers for downward move to base of major parallel channel. In this case possible break out of base of major channel signals more down side in whole market. MACD MAY also make a bearish cross. Please note latest bearish crosses in MACD followed by sharp decline in the index.
Possible True Break out of top of channels will trigger more up side move.
Which sides of channels will be broken? We may have a guess and predictions but wise action is to watch carefully and follow the market not our predictions.
This channel in channel setup sounds very interesting and I am happy to share this beauty of technical analysis with you.
Good luck.
There is a high slope minor up going parallel channel in low slope major up going channel. Index is reaching to upper top of both channels and reaction will be exciting.
Break out from down side of minor channel will probably triggers for downward move to base of major parallel channel. In this case possible break out of base of major channel signals more down side in whole market. MACD MAY also make a bearish cross. Please note latest bearish crosses in MACD followed by sharp decline in the index.
Possible True Break out of top of channels will trigger more up side move.
Which sides of channels will be broken? We may have a guess and predictions but wise action is to watch carefully and follow the market not our predictions.
This channel in channel setup sounds very interesting and I am happy to share this beauty of technical analysis with you.
Good luck.
Comment:
Ok, It lost base of minor channel and going toward base of major one. Can base of major channel support the index? Lets see what FED and giant tech companies earnings have for the market in up coming days.
