Looking for the NASDAQ 100 mini futures (NQ1!) to break out of the current range and find support or resistance depending on the direction of the breakout.
Given that our Fractal Trend indicator is currently showing a long bias (background color green), a breakout to the upside to find resistance at the bearish order block at R1 as illustrated by our Order Block Mapping indicator seems like the most likely move.
If R1 does not act as resistance, the next potential resistance at R2 represents a return to the all time high range. This would give us a "V" shaped recovery for the NASDAQ.
On the other side of this, while a breakdown to S1 is possible, finding support at S2 and retesting the previous low seems more likely on a break to the downside due to the way a drop to S1 would result in a loss of the momentum that brought price to this point. A retest of S2 and then recovery would potentially give us a "W" shaped recovery for the NASDAQ.
Regardless of the most likely occurrences, will be looking for each potential support and resistance level for a reaction and an opportunity to trade the direction of the trend as indicated by Fractal Trend.
Given that our Fractal Trend indicator is currently showing a long bias (background color green), a breakout to the upside to find resistance at the bearish order block at R1 as illustrated by our Order Block Mapping indicator seems like the most likely move.
If R1 does not act as resistance, the next potential resistance at R2 represents a return to the all time high range. This would give us a "V" shaped recovery for the NASDAQ.
On the other side of this, while a breakdown to S1 is possible, finding support at S2 and retesting the previous low seems more likely on a break to the downside due to the way a drop to S1 would result in a loss of the momentum that brought price to this point. A retest of S2 and then recovery would potentially give us a "W" shaped recovery for the NASDAQ.
Regardless of the most likely occurrences, will be looking for each potential support and resistance level for a reaction and an opportunity to trade the direction of the trend as indicated by Fractal Trend.