Nasdaq 100 E-mini-Futures - D1 - MAJOR DOUBLE TOP IN PROGRESS !
M1 : Still in its ongoing uptrend channel.
May closing level will give clues for June.
W1 : Under the influence of a major double top formation
trigger level being @ 12'207
Last week price action triggered a low of 12'915 which hold
Kijun-sen level ! Nice recovery triggered by this rejection and as a
result W1 closing level is above the cluster of MBB and TS.. but still
below the ongoing downtrend price action which took place from the
peak @ 14'071
D1 : Very thin clouds support area hold and triggered this nice recovery
seen over the last 2 sessions with a closing yesterday @ 13387, which is
also, roughly the level of TS @ 13367. Also below the ongoing downtrend line
resistance.
H4 : In a recovery mode, 50 % Fib ret @ 13'466 (KS on D1) filled, As already seen
in the past the 13390-13400 is an important area as it has been a former support
which now became a resistance to break !
A successful breakout of this resistance area would put the focus on the current downtrend
line resistance, currently @ 13'440 ahead of 13'473 61.8% Fib ret, both levels coinciding with
the H4 clouds resistance area.
H1 : Breakout of the clouds triggered an upside acceleration from 13'170 to 13'427
Above KS, MBB and TS
M30 : Same as H1 and TS has already been tested twice = Warning of a potential trend reversal !
M15 : Same than H1 and M30, but currently below TS = second warning
M5 : Currently in the middle of a sideways/slightly downtrend channel and caught between KS and MBB.
Watch the clouds support area as a good indicator; a failure to hold above the clouds would give additional warning
of a potential trend reversal
CONCLUSION :
ON A BROAD BEAR TREND. IN ORDER TO NEUTRALISE THE ONGOING DOWNSIDE RISK WE NEED TO SEE A SUSTAINABLE RECOVERY ABOVE
13'700 ON A DAILY BASIS AND ONLY THIS WOULD FORCE TO A REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS.
Ironman8848
May closing level will give clues for June.
W1 : Under the influence of a major double top formation
trigger level being @ 12'207
Last week price action triggered a low of 12'915 which hold
Kijun-sen level ! Nice recovery triggered by this rejection and as a
result W1 closing level is above the cluster of MBB and TS.. but still
below the ongoing downtrend price action which took place from the
peak @ 14'071
D1 : Very thin clouds support area hold and triggered this nice recovery
seen over the last 2 sessions with a closing yesterday @ 13387, which is
also, roughly the level of TS @ 13367. Also below the ongoing downtrend line
resistance.
H4 : In a recovery mode, 50 % Fib ret @ 13'466 (KS on D1) filled, As already seen
in the past the 13390-13400 is an important area as it has been a former support
which now became a resistance to break !
A successful breakout of this resistance area would put the focus on the current downtrend
line resistance, currently @ 13'440 ahead of 13'473 61.8% Fib ret, both levels coinciding with
the H4 clouds resistance area.
H1 : Breakout of the clouds triggered an upside acceleration from 13'170 to 13'427
Above KS, MBB and TS
M30 : Same as H1 and TS has already been tested twice = Warning of a potential trend reversal !
M15 : Same than H1 and M30, but currently below TS = second warning
M5 : Currently in the middle of a sideways/slightly downtrend channel and caught between KS and MBB.
Watch the clouds support area as a good indicator; a failure to hold above the clouds would give additional warning
of a potential trend reversal
CONCLUSION :
ON A BROAD BEAR TREND. IN ORDER TO NEUTRALISE THE ONGOING DOWNSIDE RISK WE NEED TO SEE A SUSTAINABLE RECOVERY ABOVE
13'700 ON A DAILY BASIS AND ONLY THIS WOULD FORCE TO A REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS.
Ironman8848
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.