NQ Futures 1-5 wave completion
Critical resistance was tested on the 4th of August and the RR looked great for a potenital move to the downside for the Nasdaq. Tech strength has lead this market but rejection here at a key level going into CPI data being released on August 10th could send us right back down.
Bad news bears?
Anyways, the chart is pretty self explanitory and the postion I have taken to profit off this potential rejection is listed in the chart along with quantity and price at purchase. Strong rejection here and a break of the rally will send us down for a target of $NQ1! @ 12000 within the next two weeks. Would love to see this be wrong so the market can get back to bullish but it seems that many macro economic conditions are leading us into a continuation of selling for the market. PE's should start to go down over the next year or two giving my longterm outlook as bearish. Many people have called a bottom at June 15th, but only time will tell. Many indicators are pointing at that day being a bottom! Hoping for the best but rejection at a key level here seems to have the highest RR going into the second week of August.
Enjoy
Bad news bears?
Anyways, the chart is pretty self explanitory and the postion I have taken to profit off this potential rejection is listed in the chart along with quantity and price at purchase. Strong rejection here and a break of the rally will send us down for a target of $NQ1! @ 12000 within the next two weeks. Would love to see this be wrong so the market can get back to bullish but it seems that many macro economic conditions are leading us into a continuation of selling for the market. PE's should start to go down over the next year or two giving my longterm outlook as bearish. Many people have called a bottom at June 15th, but only time will tell. Many indicators are pointing at that day being a bottom! Hoping for the best but rejection at a key level here seems to have the highest RR going into the second week of August.
Enjoy
Comment:
09/02/22 - Long opportunity here. Entered the shorts early as you can see from the bull trap!