Nasdaq 100 E-mini-Futures - W1 - MAJOR DOUBLE TOP IN PROGRESS !
M1 : Ongoing uptrend channel .. but already below the middle level of the channel !
W1 : Under the influence of a major double top in progress
D1 : Full Fibonacci retracements, including the 78.6 % (13'816) have been filled with a high so far @ 13'865.
Therefore, something is cooking and a trend reversal is in progress
H4 : RSI Bearish divergence triggered a first downside move; watch TS as the first support. A failure to hold above
13'780 would be the first warning signal, calling for further downside towards the clouds support area (13'650-13'500)
13'502 being the 38.2 % Fibonacci retracement of the last 12'915-13'865 rally
H1 : Bearish divergence confirmed by a bearish engulfing pattern at the top
M30 : Already below TS and MBB
M15 : Below the cluster of KS, MBB and TS
M5 : Below the clouds and the cluster
CONCLUSION :
SOMETHING IS COOKING !!!
WATCH CAREFULLY PRICE ACTION ON INTRADAY BASIS IN SHORT TERM TIME FRAMES AND ALSO TODAY'S CLOSING LEVEL
ON D1 BASIS. A TOP IN PLACE WOULD BE CONFIRM BY A FAILURE TO HOLD ABOVE MBB CURRENTLY @ 13'500 AND KS @ 13'431
Have a nice day and have fun
Take care
Ironman8848
W1 : Under the influence of a major double top in progress
D1 : Full Fibonacci retracements, including the 78.6 % (13'816) have been filled with a high so far @ 13'865.
Therefore, something is cooking and a trend reversal is in progress
H4 : RSI Bearish divergence triggered a first downside move; watch TS as the first support. A failure to hold above
13'780 would be the first warning signal, calling for further downside towards the clouds support area (13'650-13'500)
13'502 being the 38.2 % Fibonacci retracement of the last 12'915-13'865 rally
H1 : Bearish divergence confirmed by a bearish engulfing pattern at the top
M30 : Already below TS and MBB
M15 : Below the cluster of KS, MBB and TS
M5 : Below the clouds and the cluster
CONCLUSION :
SOMETHING IS COOKING !!!
WATCH CAREFULLY PRICE ACTION ON INTRADAY BASIS IN SHORT TERM TIME FRAMES AND ALSO TODAY'S CLOSING LEVEL
ON D1 BASIS. A TOP IN PLACE WOULD BE CONFIRM BY A FAILURE TO HOLD ABOVE MBB CURRENTLY @ 13'500 AND KS @ 13'431
Have a nice day and have fun
Take care
Ironman8848
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.
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.