Nasdaq 100 Futures ( Sept.18' NQU18 ) Have an EXACT Potential Head and Shoulder's REVERSAL Pattern in place, and building on my 120 Minute ( 2 Hour ) OPEN chart.
Because the OPENS are at KEY IMPORTANT TIMES/ DATES, BEARISH REVERSAL POTENTIAL is MAGNIFIED !
1. 7293.00 Left Shoulder OPEN Sunday 7/29 6pm EDT ( Weekly Open )
2 7295.75 Head OPEN Monday 7/30 9 am EDT ( Near Start Trading NYSE OPEN)
3.7293.00 Right Shoulder OPEN Wed 8/1 6pm EDT ( Apple"s Earnings )
For those unfamiliar, a Head and Shoulder's Reversal Pattern, is a WARNING that the bullish trend in force prior may reverse to the downside, if the neckline ( Support) is violated. The neckline ( Support) on the Nasdaq 100 Futures H+S Pattern currently is at 7255.00.
Downside Risk Projects to 7215.00 MINIMUM , if Support is Violated, and with it would come a resumption of the "free fall "decline in Nasdaq 100
THE_UNWIND
Comment
⋅
4 Hour Head and Shoulder Bearish Reversal Pattern looks to execute on NDX on the Open on 8/2/18.
Simply put, that will put another 40 point price area, this time between 7295-7255 as a "Bull Trap" price zone.
Minimum Downside Target continues to be 7215
THE_UNWIND
THE_UNWIND
Comment
⋅
8/2 947 am NDX has just opened at 7221.35, making a higher low than reaction low of 7195.23 on 7/30.
COVER SHORTS, and wait to judge the quality of this rally, NEUTRAL POSITION