NAS100 pullback to 15,740 before new ATH to 15,980
after the big sharp move on Fri 29/10/21, we expect this to continue to 15,900 area.
Then there should be a pullback to retest the ascending channel + 0.618 FIB
We place a SELL order at 15,900
with SL at 15,940 ( 1 ATR on the 1H is 40 )
and TP 15,740 ( the 0.618 FIB retracement is 15,721 but we want to be safe )
I will be taking partial profits ( like 25% each ) at 15,832 + 15,790 + 15,755
RRR is 4
THE LONG TERM TARGET IS 15,980 but we are using the pullback
( you can open a long position once reversal is confirmed like engulfing or rejecting candles)
Then there should be a pullback to retest the ascending channel + 0.618 FIB
We place a SELL order at 15,900
with SL at 15,940 ( 1 ATR on the 1H is 40 )
and TP 15,740 ( the 0.618 FIB retracement is 15,721 but we want to be safe )
I will be taking partial profits ( like 25% each ) at 15,832 + 15,790 + 15,755
RRR is 4
THE LONG TERM TARGET IS 15,980 but we are using the pullback
( you can open a long position once reversal is confirmed like engulfing or rejecting candles)
Comment:
I expect the reversal to begin at 15,905 but we open the short position at 15,900 to be on the safe side