#NQ_F#NQ A breach of the bull flag formation and downside move into yearly projected zone. At this point, a reversal is highly unlikely. We may see reactions from each level on first test.
Some time ago I posted a weekly view indicating that the wave 3 is about to end and we should expect a pullback - the wave 4 (38.2% ret).
buy side is active at the zone. they may stop the bleeding for now.
Small patterns view. It's helpful to gauge each side progress.
Simplified Renko chart is one of my charts to get a clear interaction with the inflection levels. I often use it for my entries/exits. Weekly projected levels on this chart. They are quite accurate so far.
Trading is about getting clarity on the action first then the execution.
The market, regardless of how sophisticated get the machines, continue to weave the same price action patterns. The more screen time spent watching day-to-day actions the more human brain gets wired to recognize those patterns. Help the brain with this task.
Patterns are byproduct of brick/box sizes. Fine tuning that parameter for a specific volatility regime ensures the creation of stable patterns.
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#NQ_F#NQ Post CPI landscape. Long setup into continuation, cover at the top of the balance - multi day resistance. A new bull flag is being formed.
Scenario of double top is in play, posted earlier in the morning.
Structural breaks during the upside move keeps the buy side in control. A rejection of the previously accepted level may offer a short setup. Double top first rule.
#NQ_F#NQ A large view. A clear pullback with a first stop around 950ish. A few potential scenarios are presented. A double top with lower high would be preferable for shorts, a back test of the broken wedge is for longs.
A smaller view. The price made to the bottom of the broken consolidation area. A clear bear flag. Post CPI action to watch. The default outcome of this pattern is to resume the downside. A failed bear flag is bullish.
the previous day close 13050ish acceptance/rejection to watch. may set the tone for today's day session.
#NQ_F#NQ Inside session so far. A narrow range. The ON session range expansion to watch, it would set a short term directional bias to tag along. The air pocket below is a good candidate to fill, but let the market show its hand first.
Market listens :) The air pocket is filled.
At this point the previous day low is a resistance. The bearish sentiment, triggered by yesterday's fake out, is intact. Buyers may attempt to change it at the opening.
Obvious highs and lows are seen by everyone... Understanding what the market does around those levels is a skill to develop.
350ish found responsive sellers pushing back to 250. Not a red flag at the moment. Usually, price gets closer to the previous day close before the opening.
previous mid retest resumed the upside continuation aiming to retest the previous week high. At this point the most immediate target is hit. 420-50 is the next weekly projected level.