NQ will fall to 12,500 around mid March
Very important structures here.
On this daily chart, take notice of the pink lines from the weekly chart (from below) which are continued. Look how many retests that megaphone did on thedaily - 5 throwback retests in total. Right now, we are in a broadening wedge (bearish) and I fully anticipate it will break down to strong support at 12,500 area. Take a look at the blue highlights to sync your eyes.
Weekly
Have a look at this NQ weekly view since 2015, we have a very large megaphone pattern (generally bearish and chaotic). If you see the pink circles in the top right corner, this megaphone was never supposed to break to the upside but they juiced it anyways... you can tell because they needed 3 retests of the breakout to finally confirm it (lots of people were selling that breakout). Green highlights just identify very strong long term supports. I fully anticipate that the entire price discovery outside the megaphone will result in a very big trap for bulls / head fake.
On this daily chart, take notice of the pink lines from the weekly chart (from below) which are continued. Look how many retests that megaphone did on thedaily - 5 throwback retests in total. Right now, we are in a broadening wedge (bearish) and I fully anticipate it will break down to strong support at 12,500 area. Take a look at the blue highlights to sync your eyes.
Weekly
Have a look at this NQ weekly view since 2015, we have a very large megaphone pattern (generally bearish and chaotic). If you see the pink circles in the top right corner, this megaphone was never supposed to break to the upside but they juiced it anyways... you can tell because they needed 3 retests of the breakout to finally confirm it (lots of people were selling that breakout). Green highlights just identify very strong long term supports. I fully anticipate that the entire price discovery outside the megaphone will result in a very big trap for bulls / head fake.
Comment:
Being rejected on throwback to wedge.
