NQ setting up for a massive leg
Updated
Medium term it's in a large pennant that is reaching the apex, and short term its in a bull flag that is near its apex.
We are now looking at a large leg coming up in the next 2 weeks.
Watching 2 important levels, 19040 and 20058.
If we clear 20058 I would see this as a bullish leg that is going to target ATH and higher towards the black line i have here which is the longer term megaphone we are trading in.
If the flag fails and we breakdown below 19040 I would be short for a flush to the August lows.
We are now looking at a large leg coming up in the next 2 weeks.
Watching 2 important levels, 19040 and 20058.
If we clear 20058 I would see this as a bullish leg that is going to target ATH and higher towards the black line i have here which is the longer term megaphone we are trading in.
If the flag fails and we breakdown below 19040 I would be short for a flush to the August lows.
Trade active
Pennant has broken down to downside on the 19000 breach and has traded nearly 1000 handles lower now at 18300's.
For a bottom to be in, we need to clear a major resistance. For now price is searching for a low and it is currently at the bounce spot from where we bounced in August.
If we break 18223 to the downside i am looking for a test of recent low near 17351.
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