Possible Basing Pattern Developing On Nasdaq 100 Futures Charts

While not the perfect spot for a Inverse Head & Shoulders pattern, but all the hallmarks are there, including a previous decline...Check! A left lower shoulder....Check! A head (Friday's low)...Check! And finally a well-developed neckline (probably the most important!)

Now the Nasdaq 100 futures chart need only to hold-up in the 11.7K region (last Thursday's low), which it has done so far. Next,pattern's neckline for confirmation all that would need to happen is for price-action to take-out the neckline which is located at the recent highs seen over the last two days just above 12K

Kommentera:

Didn't exactly, but equities over-all held-in Tuesday. Focus shifts to the so-called neckline (NQ) above 12k to confirm medium-term basing.

Long around 11.8k for a move towards 12.1k 1st then 12.4.....

Kommentera:

Stop-loss at 11,650

Kommentera:

1st target hit
2nd target @ 12.4k