Skipper86

Nasdaq 4hr time cycle and trend analysis

Long
Skipper86 Updated   
CME_MINI:NQ1!   NASDAQ 100 E-mini Futures
I have a call expiring on the 10th and in order to anticipate how many oscillations there may be between now and then, I took a look at the time cycles of peaks and bottoms. There does seem to be somewhat of a sine wave pattern as well as an upward trend. There may be an ascending triangle forming but I've given up on looking for that particular pattern on timeframes other than daily+. I have a rough path sketched in as well as a volume profile showing support which coincides with the uptrend. I'll consider selling my call at the first peak so as to not press my luck but if we shoot right through that level it then I'll hold onto it. Any questions, please feel free to ask.
Note: The .5 level is the 50% retrace of the entire Covid rally.
Trade active:
Price has rocketed above the red resistance level 2 days before the anticipated top therefore I haven't yet taken profits on my call. There were a lot of people caught off guard by this 3.08% move which followed a bad CPI print so I'm looking for additional upside before my August 10 call expiration. The level I'm looking for is about 4.5% north of here which is the confluence of the 20-week moving average, .382 fib retrace of the entire Covid rally (we just bounced off .5), and the previous range high before the June drop. This is what my chart looks like for coming up with the target:
Trade active:
Price has reached "Top?" which may indeed be a top, as SNAP earnings were reported after hours (they were terrible) and seem to be dragging down the entire Nasdaq somehow. My call is still open, thinking maybe I should have closed it but easier said than done and my target is still overhead, may need to hold through some pain before reaching the target, if the target is to be reached at all.
Trade closed: target reached:
The target has been reached and the trade has been closed.

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