Ironman8848

Nasdaq 100 E-mini-Futures - W1 - MAJOR DOUBLE TOP IN PROGRESS !

Short
CME_MINI:NQ1!   NASDAQ 100 E-mini Futures
M1 : Ongoing uptrend channel .. but already below the middle level of the channel !
W1 : Under the influence of a major double top in progress
D1 : Full Fibonacci retracements, including the 78.6 % (13'816) have been filled with a high so far @ 13'865.
Therefore, something is cooking and a trend reversal is in progress
H4 : RSI Bearish divergence triggered a first downside move; watch TS as the first support. A failure to hold above
13'780 would be the first warning signal, calling for further downside towards the clouds support area (13'650-13'500)
13'502 being the 38.2 % Fibonacci retracement of the last 12'915-13'865 rally

H1 : Bearish divergence confirmed by a bearish engulfing pattern at the top
M30 : Already below TS and MBB
M15 : Below the cluster of KS , MBB and TS
M5 : Below the clouds and the cluster
CONCLUSION :
SOMETHING IS COOKING !!!
WATCH CAREFULLY PRICE ACTION ON INTRADAY BASIS IN SHORT TERM TIME FRAMES AND ALSO TODAY'S CLOSING LEVEL
ON D1 BASIS. A TOP IN PLACE WOULD BE CONFIRM BY A FAILURE TO HOLD ABOVE MBB CURRENTLY @ 13'500 AND KS @ 13'431
Have a nice day and have fun
Take care
Ironman8848
Ironman8848