Nasdaq Ready For Push Up?
Looking at the nasdaq futures market we can see price has been down trending for approximately the last month.
While this down trend will probably continue a significant squeeze / retrace of the trend at some point should be expected. The question is when would we expect to see this correction.
This is an hourly line chart on the log scale for micro nasdaq futures "MNQ" and we can see price is currently approaching a significant level of support.
The last local push down has a very impulisive 5 wave structure to it causing a falling wedge to form with a potential reversal point right at our significant support level of $14,850.
Given a clear reversal signal at this level a retace of the current down swing will be likely with two significant levels above to watch for a reversal and continuation to the downside for potentialy much lower prices.
As price has been dropping it has formed a descending channel with a target area from our current level at the 15-15100 area. Also measuring from the top of the swing to this potential bottom the 50% retrace level at 15,350 is lining up very nicely with what would create a much larger head and shoulders pattern.
Trade Well.................
While this down trend will probably continue a significant squeeze / retrace of the trend at some point should be expected. The question is when would we expect to see this correction.
This is an hourly line chart on the log scale for micro nasdaq futures "MNQ" and we can see price is currently approaching a significant level of support.
The last local push down has a very impulisive 5 wave structure to it causing a falling wedge to form with a potential reversal point right at our significant support level of $14,850.
Given a clear reversal signal at this level a retace of the current down swing will be likely with two significant levels above to watch for a reversal and continuation to the downside for potentialy much lower prices.
As price has been dropping it has formed a descending channel with a target area from our current level at the 15-15100 area. Also measuring from the top of the swing to this potential bottom the 50% retrace level at 15,350 is lining up very nicely with what would create a much larger head and shoulders pattern.
Trade Well.................
