$NQ - The Harmonic Bartley
Updated
First, looking at the bigger picture we have hit the AB=CD 1.0 @ 10571.25 and BC 1.272 projection @ 10597.39 creating a Potential Reverval Zone (PRZ) between the two ranges.
Zooming into the hourly, as you can see this PRZ remains the line in the sand with the bulls defending the volume PoC just above the 1.272 BC projection.
Furthermore, we have a Bearish Gartley/Bat hybrid developing.
Why do I say hybrid? Well the B point retracement of XA is 60.4%, which is just in reach of being a gartley pattern. With the 0.786 Fib being its target @ 10896.00. Only problem is that the minimum AB=CD requirment to set the pattern off is above that 0.786 target @ 10969.75, just 2 points below the 0.886 retracement at 10971.70.
Typically you want the bat's B point to be closer to 0.382-0.5 retracement range, however as long as its below 0.618 it still qualifies as a bat... so I'm just going to call this a Bartley because I'm wasting to much time thinking about this.
The point is this is a range where I believe we could see a reversal following tech earnings. Scale in slowly with the by using the targets displayed as a guide with a confluence of other indicators you are comforatable with. These patterns are not meant to be traded on their own.
If the prices reverses off the zone, I would draw a retracement from B to D and use those fibs to take a little bit of profit.
The Stop-Loss is set to be placed above point X (so all time highs). Pushing to ATHs with conviction would mean we have an alternate AB = CD pattern (leg CD being longer than AB) on the longer term chart and next stop would be inbetween AB=CD 1.272 and the 1.618 BC projection @ 11625.48-11676.91.
Any general thoughts, comments, etc? Everyone is trying to call a top right now. I could very well be wrong. However, I like the risk/reward scenario.
I'm not your financial advisor and this is not trading advice. Just what I'm currently seeing.
Zooming into the hourly, as you can see this PRZ remains the line in the sand with the bulls defending the volume PoC just above the 1.272 BC projection.
Furthermore, we have a Bearish Gartley/Bat hybrid developing.
Why do I say hybrid? Well the B point retracement of XA is 60.4%, which is just in reach of being a gartley pattern. With the 0.786 Fib being its target @ 10896.00. Only problem is that the minimum AB=CD requirment to set the pattern off is above that 0.786 target @ 10969.75, just 2 points below the 0.886 retracement at 10971.70.
Typically you want the bat's B point to be closer to 0.382-0.5 retracement range, however as long as its below 0.618 it still qualifies as a bat... so I'm just going to call this a Bartley because I'm wasting to much time thinking about this.
The point is this is a range where I believe we could see a reversal following tech earnings. Scale in slowly with the by using the targets displayed as a guide with a confluence of other indicators you are comforatable with. These patterns are not meant to be traded on their own.
If the prices reverses off the zone, I would draw a retracement from B to D and use those fibs to take a little bit of profit.
The Stop-Loss is set to be placed above point X (so all time highs). Pushing to ATHs with conviction would mean we have an alternate AB = CD pattern (leg CD being longer than AB) on the longer term chart and next stop would be inbetween AB=CD 1.272 and the 1.618 BC projection @ 11625.48-11676.91.
Any general thoughts, comments, etc? Everyone is trying to call a top right now. I could very well be wrong. However, I like the risk/reward scenario.
I'm not your financial advisor and this is not trading advice. Just what I'm currently seeing.
Note
right into the 0.382 fib ahead of month end window shopping and raaaaaamp
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