NQ falling wedge ... Blue print

Obvious falling wedge here ...
Bounced off 200sma Friday.

Closed under 12,000 resistance
If we breakover 12k and hold, I like a move up to 12,200.

12,200 is near trendline resistance , but if you throw your EMA and SMA moving averages on you'll see the resistance, added to that is the horrific price action. So if your long tighten any stops up there.

Any breakout and my immediate target is 12,368 fib resistance..

Short scenario,
Backtest 11,930. If we drop below 11,900 the next target is 11,717..

Commentaire:

At resistance here.. 1 hour MFI oversold.. I'd cover and wait for a breakout