NQ1 100MF-ONGOING STRATEGIC DOWNTREND !
WEEKLY (W1)
Last week price action triggered a sharp decline which reached nearly my technical target @ 12'894 (low being @ 13'015).
After having briefly broken the weekly clouds support, the Nasdaq recovered nicely (HAMMER) and closed roughly at the top of the week @ 14'180 (high being 14'196).
Nevertheless, it failed to cross over the secondary downtrend line resistance and also to breakout the weekly top clouds resistance zone.
This failure should be seen as a negative signal for the ongoing price action which is expected to move lower towards the bottom of the weekly clouds support zone, currently @ 13'182, slightly above the last week former low @ 13'025
On the upside, the first significant resistance level to look at is @ 14'125 (ongoing secondary downtrend line resistance) ahead of the weekly top clouds resistance area, currently @ 14'618 and more important the TS & KS cluster (14'894-14'896) ahead of "MY BAROMETER", THE MID BOLLINGER BAND ƒ 15'390
RSI below 50 @ 37'30. converging to the downside
LAGGING LINE below TS and KS
DAILY (D1)
Friday's price action, LONG WHITE CANDLE, has been rejected by the Kijun-Sen (14'183), in resistance,
Ongoing price action is showing an attempt to hold above the Tenkan-Sen @ 13'847.
RSI below 50, @ 40.58
LAGGING LINE far below the clouds and KS and TS.
A daily closing below 13'725 would trigger a DARK CLOUD COVER and would add further selling pressure towards lower levels towards the former lows
On the upside, a daily closing above the KS @ 14'183 would temporary neutralise the ongoing downside risk; indeed, above this first resistance, the next one will be the Mid Bollinger Band (@ 14'423) and last but not least, still the DAILY CLOUDS which should be seen as the MAJOR RESISTANCE AREA BETWEEN 15'000 AND 15'250
4 HOURS (H4)
Currently caught between the Mid Bollinger Band in support and the Tenkan-Sen in first resistance...
Above, watch the H4 clouds resistance area, currently between 14'026 and 14'324
On the downside, MBB @ 13'741 ahead KS @ 13'611
Watch shorter intraday time frames to get clues which will help you to validate or invalidate the implications of scenarios previously mentioned for D1 and W1.
Have a nice week
All the best
Take care
IRONMAN8848 & Jean-Pierre Burki
Last week price action triggered a sharp decline which reached nearly my technical target @ 12'894 (low being @ 13'015).
After having briefly broken the weekly clouds support, the Nasdaq recovered nicely (HAMMER) and closed roughly at the top of the week @ 14'180 (high being 14'196).
Nevertheless, it failed to cross over the secondary downtrend line resistance and also to breakout the weekly top clouds resistance zone.
This failure should be seen as a negative signal for the ongoing price action which is expected to move lower towards the bottom of the weekly clouds support zone, currently @ 13'182, slightly above the last week former low @ 13'025
On the upside, the first significant resistance level to look at is @ 14'125 (ongoing secondary downtrend line resistance) ahead of the weekly top clouds resistance area, currently @ 14'618 and more important the TS & KS cluster (14'894-14'896) ahead of "MY BAROMETER", THE MID BOLLINGER BAND ƒ 15'390
RSI below 50 @ 37'30. converging to the downside
LAGGING LINE below TS and KS
DAILY (D1)
Friday's price action, LONG WHITE CANDLE, has been rejected by the Kijun-Sen (14'183), in resistance,
Ongoing price action is showing an attempt to hold above the Tenkan-Sen @ 13'847.
RSI below 50, @ 40.58
LAGGING LINE far below the clouds and KS and TS.
A daily closing below 13'725 would trigger a DARK CLOUD COVER and would add further selling pressure towards lower levels towards the former lows
On the upside, a daily closing above the KS @ 14'183 would temporary neutralise the ongoing downside risk; indeed, above this first resistance, the next one will be the Mid Bollinger Band (@ 14'423) and last but not least, still the DAILY CLOUDS which should be seen as the MAJOR RESISTANCE AREA BETWEEN 15'000 AND 15'250
4 HOURS (H4)
Currently caught between the Mid Bollinger Band in support and the Tenkan-Sen in first resistance...
Above, watch the H4 clouds resistance area, currently between 14'026 and 14'324
On the downside, MBB @ 13'741 ahead KS @ 13'611
Watch shorter intraday time frames to get clues which will help you to validate or invalidate the implications of scenarios previously mentioned for D1 and W1.
Have a nice week
All the best
Take care
IRONMAN8848 & Jean-Pierre Burki
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