1. The price hasn't taken out the prior high (level X) at 13740 on a larger picture. So, technically,
NQ1!
is still in a downtrend.
2. However, it's clear to see that the market is forming an up trend on the bottom now (higher high and higher low).
3. We can do a 100% symmetry projection of the prior swing from A to B, projected from C.
--> The short-term target price will be the level of D. And do notice the big prior high (level X) could be a possible strong resistance.
4. What makes this up-trend "N" swing constructive?
--> The level of 0.5 retracements from A to B is very close to the level of C, making a symmetry here.
--> There is a "resistance turned support" on the level of B.
5. What if the price comes below the level of B?
--> The price is likely to go sideway. It's better to wait for a more and clear signal to enter a trade.
**Not Financial Advice**
The information contained in this article is not intended as, and should not be understood as financial advice. You should take independent financial advice from a professional who is aware of the facts and circumstances of your individual situation.
NQ1!
is still in a downtrend.
2. However, it's clear to see that the market is forming an up trend on the bottom now (higher high and higher low).
3. We can do a 100% symmetry projection of the prior swing from A to B, projected from C.
--> The short-term target price will be the level of D. And do notice the big prior high (level X) could be a possible strong resistance.
4. What makes this up-trend "N" swing constructive?
--> The level of 0.5 retracements from A to B is very close to the level of C, making a symmetry here.
--> There is a "resistance turned support" on the level of B.
5. What if the price comes below the level of B?
--> The price is likely to go sideway. It's better to wait for a more and clear signal to enter a trade.
**Not Financial Advice**
The information contained in this article is not intended as, and should not be understood as financial advice. You should take independent financial advice from a professional who is aware of the facts and circumstances of your individual situation.