What's next for NAS?My what a day it has been! Its always a good feeling to be on the right side of a trend.
Now for those who have been viewing my last few ideas (related idea tagged). We have managed to catch a long opportunity in which case profits were confirmed due to what i thought was rejection of our 88 level based on fibs. I could have squeezed out a few more points for better profit but i feel better knowing that i confirmed what i did. Price actually managed to close past our100 level! Normally this can indicate a breakout but it seems we had a fake-out instead. Price tried to complete a Inverted H&S pattern but failed to. Due to momentum dying out (divergence, smaller swings in trend) i managed to find a sell opportunity and am currently up 600+ points because of it. As mentioned before, although i closed my trade early due to what i thought was rejection of the 88 level, I still WAITED for a proper setup before entering trade.
I am curious now to see what price does next. Although we had a massive sell off today, it is clear that on our higher TFs that HH's and HL's were still established at the close of our candles. With the addition of divergence across my higher TFs, it strikes my interest of how price will react once back down at the 11800-11700 levels. Actually if you look at my past idea, this is the same area that we DID NOT get a retest of yet based off our 1H TF. I am currently trailing my short position and waiting to see how price responds at those levels mentioned before (11800-11700). I personally will have a limit set with tight SL in order to be prepared for retest. If this is accurate im expecting price to rally back up towards the 12550 level to either create a new high or retest the current high. However there is always possibility that price will keep pushing down.
I will update this idea as i go along. Safe Trading
