The #MNQ1! has had a phenomenal wedge formation that broke higher. Now that prices are migrating towards the top of resistance, structural interest begins to take hold showing areas for sellers to potentially initiate new shorts to drive the market down. The daily is bullish, but the faster timeframes haven't shifted just yet suggesting this pop may be a trap for now.
Nasdaq 100 has entered into a down channel. If support is going to hold and the buyers to take control. Now is the time. Otherwise the research shows a potential 3,000 tick bear push towards a daily down extension.
Looked like the A-B-C on hourly was going to hold, but it hasn't and larger one now in play to 200dma. Flush is possible as long as below 50dma
$NDX $NQ_F $XLK $SOX $FB $AMZN $AAPL $MSFT $NFLX $GOOG $TSLA $SPY $SPX $ES_F #ElliottWave #Stocks 📉
Signs of weakness:
- Tenkan Sen crossed Kijun Sen to the downside (bearish cross when conversion line crosses base line to the downside)
- Candle broke into the Kumo Cloud (couldn’t find support anywhere above it, not even on Senkou Span A)
- Big red bearish volume candles
- MACD crossing the 0 line to the downside
If we can’t find support on Senkou Span B at...
NQ at the daily.
Well, what did anyone expect? My original channel top was that dotted red line. NQ broke the top of that channel. Usually, when the top of the channel breaks, that's not bullish at all. The price usually gets punished by being hammered down.
This shouldn't be a surprise at all. What's annoying is seeing permabears being very, very petty and try...
The NQ daily time frame has created a small sideways range. If the market can hold at support, now is the time for the buyers to bring the market back up... If support fails. The market could push deeper bearish and will need to bring in a daily down fib to find the next potential low price.
📍 This is another known position. Breakdown in 5 waves by testing 10,236; 9,548 and 8,859 .
Double zig zag is purely a tactical weapon. It is terribly compelling; even the most sluggish of buyers will be trapped here - driven to cover after the latest breakdown.
We shall open the next chapter in US Equities with four simple charts:
Convergence of Nikkei, Shanghai Composite, NDX.
Every Rip is Sold
Big Tech AntiTrust Probes
JPMorgan, Bloomberg Trying to Crash Market.
Fed Pump of 500B of 10/14 will come too late (RIP Powell)
Potential Trade War Tensions
Max Pain of Options is 280
As long as NQ stays above the top blue line. Long term I am expecting a bullish push towards 16,000.00. Any bear move I am viewing as a short term move. That is... as long as the market stays above the top blue line.
NQ daily time frame is finding support at the daily up trend line. There seems to be a fight going on and if the buyers take control.... There could be a +4,000 Tick rally. I am keeping my eye on the one hour time frame to see if a bullish trend in the buy zone can form.
This is the FNGU ETF at the 4 hour. It's a 3x leveraged ETF for mainly big tech. Well, FATMANG stocks make up over 40% of the NQ - possibly more by now.
This is one of my favorite ETFs to swing trade and scalp. The channels are aligned with the NQ channel that I published. FNGU found support at the middle of its channel... just like NQ. I am not sure how far...
Nasdaq after the historical highs retraced back till daily support over an uptrending trendline.
The market starts a consolidation move between 2 structures.
IF the price will break and close below the daily structure we can set a nice short order according to Plancton's srtategy.
Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis, please...