Dec contract looks like it´s at resistance or one more try at 4762/65 then pullback. I believe the NQ
could pullback this coming week. I don´t know since my chrystal ball is broken at the moment. But I wouldn´t be going long at current prices without a pullback. Towards the end of Nov the contract channel and 1.618 (extension of a W1 imo
) are on top of each other @ 4883.75 Which is at all time NQ
highs (4884) If the NQ
Dec contract is up at all time highs towards the end of November I believe it would be a good RR short. IMO
has a price target up at 4988.50 (-0.236 target... fib draw year 2014 low to July 2015 high) just under 5000. That´s a huge round number and could be another good RR short. This would most likely trade in the March contract.
My plan is to buy the dips until price reaches it´s top channel and would short at the top of the channel. Good RR imo
. I could be 100% wrong. So a stop that fits your risk tolerance should be used.