Nasdaq 100 Futures - Is the BOTTOM in place ???
Updated
NQ1!Here are several zones, levels, and projections of where I'm looking for price action to occur over the coming week(s). There is 'some' confirmation for me to believe that we just saw the bottom put in place (for now) with potential to reach new all time HIs.
Within each zone or level, am using other price action confirmations before entry (usually double bottoms/tops) and with the wide ranges we're seeing lately, targeting 50, 75 to 100+ points on each trade.
If price falls to new LOs, below, the red band levels, then I will look at flipping this entire idea to the reverse short side - simple. Will find out very quickly with the previous close just coming off the LOs.
Note
Price had fallen below the red bands, however most of the consolidated action had stayed within them, confirming a bottom in place for the moment. We've now hit into the yellow zones where I'd expect price to use these areas as support/resistance in its climb upwards of 7350 (and higher?)
Note
Price has reached above the upper yellow zone. Let's see if it is able to find support within or continue upwards to what I anticipate the targeting levels to be -- 7350 (and higher). Whichever it decides to do, the yellow zones will continue to be key areas for me look at opportunities to enter and exit the market until over 7350.Note
As a last attempt, was able to find support out of the RED band zone and move back up. Still looking at the YELLOW zones as possible S/R areas, however, since price has already come through them several times, it is also possible to see a move up through them to the projected HI's.
Whether your bias is long or short, its a great time to be trading. Do not marry any trade too long -- remember, "PIGS get slaughtered!"
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