2021/10/06 3:26 AM – mini-Futures – D1 – TRIANGLE !

NQ1E-mini-Futures – D1 – TRIANGLE ! by Ironman8848 on TradingView.com

Looking at the daily picture, after having broke down the clouds, the Nasdaq 100 fut is triggering, a triangle formation in progress in a new broad bear trend !


Indeed, recent and current price action should be seen as a natural pullback towards the former support area which became now the new resistance to break, in order to neutralise, temporary, the ongoing downside price action triggered a couple days ago by a successive of long black candles !


So what are the implications of a triangle breakout : a +/- move of 545 points, targeting respectively :

ON THE UPSIDE : 15’315 (roughly the top of the clouds resistance area )

ON THE DOWNSIDE : 13’896 (former weekly double top pattern seen in last February-April
Interesting to note the 38.2% Fib ret (@ 14’761), of the downside move from 15399 to 14’367, also coincides to the triangle breakout level on the upside !


Last but not least, the Lagging span also failed to recover above this important level…

CONCLUSION :

Looking at the current price action, the odds are likely for further downside towards the triangle base.

As always, monitor closely, shorter intraday time frames to get more clues which will help you to act accordingly.

Have a nice day 🙂

Ironman8848

Disclaimer :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

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