NASDAQ 100 FUTURES 30 min CHART Projections for next 1-3 days!
So far we have been bang on in forecasts of what is happening in NASDAQ 100 (cash and Futures) (
NAS100USD
NDQ
)and which should be the same for QQQ
QQQ
I predicted the rise today the night before.
Please refer to the last 2 posts (links below) to orient yourself where I believe we are on the longer-term charts.
Bottom line we are about to start a powerfully impulsive wave iii of 3 of b of B (a mouthful I know but stay with me and I will explain lol).
Overnight and into Thursday and Friday we should rise in a powerful short-covering rally wave to reach where c (red squared) = a (red squared) and which coincides with the top of the corrective channel in larger B (black squared) and which is also the 78.6% Fibonacci retracement. This would also close the gap in the NASDAQ 100 Cash Index from last Monday. All in all multiple confluences of powerful resistance and a very attractive and high probability target zone. Time analysis indicate the top should come at the earliest end of Thursday or more likely sometime Friday but in the worst-case scenario Monday if slower than I think.
Once we reach the target (or as we get close to it) we will reevaluate the nature of the waves and I will update if I think this count is still intact or - as looking possibly more likely that we go to new highs!
IF we punch through the upper corrective channel of black squared B in a decisive and impulsive way and go significantly above the 78.6% retracement of black squared A wave down THEN we have to re-evaluate this count and consider the very real possibility we are heading to new all-time highs which should take us between 9800 to 10,000 with 9900 being a likely new target.
What I can tell you is that TRIN, TICK and other upwards breadth measures were some of the strongest today I have seen in YEARS which means the force behind this upcoming rally will be very strong!
Shorts covering will fuel the rally quickly.
CTA Models of Nomura in the S&P shows a switch of systematic algorithmic trading models by big money institutions around 3087 in CASH S&P where they would switch to 100% LONGs from their current 94% SHORTS at the start of trading today. We closed S&P CASH today at 3130 which means tomorrow expect big money flow LONGs into US stocks which will benefit NASDAQ also. Negative gamma systems will switch to positive gamma which will push stocks powerfully upward.
The Fed's 50 basis point cut and the Joe Biden strong showing in Super Tuesday Primaries did their job.
Whether this will be enough to take us to new highs remains to be seen but my instinct right now says the rally should peter out around the targets I mentioned above but be on the watch for signs of new highs I mentioned above as I may not be able to update during market hours.
DO NOT go short at those targets without clear confirmation of an ending of red squared B wave as shown above.
On 65 and 135 min charts Mclellan Summation index has just crossed over at very oversold levels which means the rise to come has a long way to go.
Sentiment indicators (Put / Call, CNN Fear & Greed etc) all show there is still a lot of pessimism and we are still in extremes but turning up. Again - this means a lot of fuel to fuel the coming rally. Remember - stocks rise against a wall of worry.
We are also officially no longer in the 10% corrective territory which again will give confidence to smart and dumb money to push this rally higher.
One thing I will say is I ONLY post counts and recommendations and charts of instruments I myself have money in and I don't go lightly - when I am confident I go in strong when I see a high probability trade which I have seen here...first buying LONG PUT SPREADSs to ride the A (black squared down) then LONG CALL SPREADS of QQQ close to the bottom of black squared A when I counted 5 waves down complete (which I posted before here). I will be looking to exit those calls around above targets after which I will be looking for an opportunity to place a LONG BEAR Spread PUT position on the QQQ to ride the coming C wave down which will be wave ii of the ending diagonal on the Weekly charts I posted a few days ago. The C wave should end slightly below black squared A and also be in 5 waves possibly shaped as an ending diagonal C.
Trade sensibly and with proper risk management folks. We are in a high volatility environment and high risk but also high rewards and heaven for traders like us. Up or down we can make profits. Don't get emotionally locked into a philosophical position about what markets SHOULD do based on fundamentals. Trade based on what price patterns are showing markets WANT to do. The less emotionally invested you are and the less you care about Up or Down the better your trading will be.
Good luck everyone :)
NAS100USD
NDQ
)and which should be the same for QQQ
QQQ
I predicted the rise today the night before.
Please refer to the last 2 posts (links below) to orient yourself where I believe we are on the longer-term charts.
Bottom line we are about to start a powerfully impulsive wave iii of 3 of b of B (a mouthful I know but stay with me and I will explain lol).
Overnight and into Thursday and Friday we should rise in a powerful short-covering rally wave to reach where c (red squared) = a (red squared) and which coincides with the top of the corrective channel in larger B (black squared) and which is also the 78.6% Fibonacci retracement. This would also close the gap in the NASDAQ 100 Cash Index from last Monday. All in all multiple confluences of powerful resistance and a very attractive and high probability target zone. Time analysis indicate the top should come at the earliest end of Thursday or more likely sometime Friday but in the worst-case scenario Monday if slower than I think.
Once we reach the target (or as we get close to it) we will reevaluate the nature of the waves and I will update if I think this count is still intact or - as looking possibly more likely that we go to new highs!
IF we punch through the upper corrective channel of black squared B in a decisive and impulsive way and go significantly above the 78.6% retracement of black squared A wave down THEN we have to re-evaluate this count and consider the very real possibility we are heading to new all-time highs which should take us between 9800 to 10,000 with 9900 being a likely new target.
What I can tell you is that TRIN, TICK and other upwards breadth measures were some of the strongest today I have seen in YEARS which means the force behind this upcoming rally will be very strong!
Shorts covering will fuel the rally quickly.
CTA Models of Nomura in the S&P shows a switch of systematic algorithmic trading models by big money institutions around 3087 in CASH S&P where they would switch to 100% LONGs from their current 94% SHORTS at the start of trading today. We closed S&P CASH today at 3130 which means tomorrow expect big money flow LONGs into US stocks which will benefit NASDAQ also. Negative gamma systems will switch to positive gamma which will push stocks powerfully upward.
The Fed's 50 basis point cut and the Joe Biden strong showing in Super Tuesday Primaries did their job.
Whether this will be enough to take us to new highs remains to be seen but my instinct right now says the rally should peter out around the targets I mentioned above but be on the watch for signs of new highs I mentioned above as I may not be able to update during market hours.
DO NOT go short at those targets without clear confirmation of an ending of red squared B wave as shown above.
On 65 and 135 min charts Mclellan Summation index has just crossed over at very oversold levels which means the rise to come has a long way to go.
Sentiment indicators (Put / Call, CNN Fear & Greed etc) all show there is still a lot of pessimism and we are still in extremes but turning up. Again - this means a lot of fuel to fuel the coming rally. Remember - stocks rise against a wall of worry.
We are also officially no longer in the 10% corrective territory which again will give confidence to smart and dumb money to push this rally higher.
One thing I will say is I ONLY post counts and recommendations and charts of instruments I myself have money in and I don't go lightly - when I am confident I go in strong when I see a high probability trade which I have seen here...first buying LONG PUT SPREADSs to ride the A (black squared down) then LONG CALL SPREADS of QQQ close to the bottom of black squared A when I counted 5 waves down complete (which I posted before here). I will be looking to exit those calls around above targets after which I will be looking for an opportunity to place a LONG BEAR Spread PUT position on the QQQ to ride the coming C wave down which will be wave ii of the ending diagonal on the Weekly charts I posted a few days ago. The C wave should end slightly below black squared A and also be in 5 waves possibly shaped as an ending diagonal C.
Trade sensibly and with proper risk management folks. We are in a high volatility environment and high risk but also high rewards and heaven for traders like us. Up or down we can make profits. Don't get emotionally locked into a philosophical position about what markets SHOULD do based on fundamentals. Trade based on what price patterns are showing markets WANT to do. The less emotionally invested you are and the less you care about Up or Down the better your trading will be.
Good luck everyone :)
Comment:
It looks like green squared 2 of red squared c is STILL in progress and went deeper but it doesn't change the overall wave count nor the targets....just means takes maybe an extra day or two to get there. The target blue circle is a powerful magnet that will draw prices to it. Stay patient and the rally predicted will begin. I don't see us going to new lows till we go higher above the Tuesday Fed rate cut high.
