Nasdaq is ranging between 64.60 and 66.20 nowadays. Hence, getting long with limit order at that strong support (and bottom of the range) with a target at the strong resistance (and top of the range) and reasonably tight stop is surely not the worst idea, as 80% of breakouts fail in trading range
QQQ has a strong support in 60.55 area and the measured move target is pointing into that area too
It's quite a risky to get into short trade right now, however, once we reach this area and get a trend line break - I will start looking for longs
Everytime the chart touches
the lower line of the
Keltner Channel - the bottom is near.
Will it be the next weeks?
This doesn't mean that the uptrend
starts immediately. The chart doesn't
need to touch the line for a new uptrend
to begin. Even after touching the line could
follow lower lows. But it's time to build
your watchlist!
My personal opinion only.
Nasdaq's double H&S should drag it down to major support around 62.00 area. It's looking like continuation is simply inevitable and very unfortunate for the bulls. When triggers below 64.95 - the target will be 62.15 with stop at 65.95
