NQ1! will soon retest 10500, multiple bearish indicators
Updated
NQ1! technical analysis points to retest of lows in May/June timeframe.
10500 level is also the retracement level of previous bear channel resistance trend line.
Expecting bounce at that level, possibly continuing much lower if 2W timeframe bear flag pattern plays out. This scenario would coincide with the 2W bear cypher seen on ES1!. If 10500 level breaks through, expecting downward trend to .618 retracement level measured from high's just prior to 2009 crash.
- Multiple bearish harmonic patterns are active on different timeframes, with bearish bat price target 4 at 10500.
- A Rising Wedge (bearish) pattern is also identified on 6h+ timeframes, also with price target at 10500 from current levels upon breakthrough of wedge support.
- Phoenix & Stoch VX3 indicators on 6h timeframe are now both trending bearish from recent OB ranges.
10500 level is also the retracement level of previous bear channel resistance trend line.
Expecting bounce at that level, possibly continuing much lower if 2W timeframe bear flag pattern plays out. This scenario would coincide with the 2W bear cypher seen on ES1!. If 10500 level breaks through, expecting downward trend to .618 retracement level measured from high's just prior to 2009 crash.
Note
Other considerations:1. There is a bull butterfly pattern that could potentially pull price higher at pt3 (11500) level; however, with current market sentiment this seems unlikely.
2. The bear bat pattern will likely retrace bullish to above 13150 level after reaching pt1 (12200) before continuing strongly bearish trend.
3. If retest of 10500 occurs, then geometry of the large bear flag (measured from high at 16500 to 10500 low would indicate much lower target levels that 10500.
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