We maintain the same outlook. Bullish structure in 5 impulsive waves. After the completion of wave 4 correction, the market is expected to resume its upward to complete the 5th wave of the same degree.
Rounded top pattern breakout and retest neckline
hope down movement will continue by this pattern
Based on Thomas Bulkonski book
this pattern have 60% to reach target
Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 114/61.80%
Chart time frame : B
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : B
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
The last ten days of price action produced a retrace of significant magnitude that was very kind to institutional friends who were net long from early June.
That is to say, what has transpired since all three indexes took their January of 22 failure pivot levels in early July has been more consistent with an optimal short entry combining with a bull trap,...
With the ISM service PMI report NQ will flash crash next 2 hours.
1- Risk/Reward of 2.6
2-Short position supported by fundamentals news.
3-short position supported by technical key level (potential breakout).
NQ Futures 4-hour TA chart
You can see NQ broke the 60 RSI level and had a drive of hidden divergence.
Looking for NQ to test the overbought level again.
Then a big move to the yellow support or if it breaks the overbought level watch out.
15420 was a great level yesterday for a long entry. Watch that level.
but if last high break,door will open for 17000
if you have old sells,100% put SL or hedge buystop on last high 15666 (if hedge buystop open,NEVER close it frist, if you close it,you will margin call)
advice=put sellstop in last low 15410 with sl on last high
ALERT=if you remember ,in lowest low 11000 I say you Nasdaq going to 20.000(long term) so for sell...
MFI almost overbought, meanwhile small caps tanked so RTY is almost oversold.
I mentioned last week that indicators were going in different direction for the various indices, so not surprising that we get a mixed bag today. Very much possible that we could get the opposite either tomorrow or Wed with small caps going up and tech going down.
Gonna stay cash...
15 min Continuous Analysis
I note a consolidation over the weekend. I anticipated that there would be a retracement.
I note that a 930 NY there was a judus swing that followed my logic to take out the sell side liquidity pool and followed ITC retracment trade setup.
I note an additional FVG created yesterday.
In this update we review the recent price action in the emini Nasdaq futures contract and identify potential action areas and price objectives for the week ahead
PAST PERFORMANCE NOT INDICATIVE OF FUTURE RESULTS
