NQ Levels CGG Newsletter (08/06-11/2023)

NQ is forming an ascending broadening wedge on the daily. Typically this is a bearish pattern, but I believe a bounce is due as NQ is close to a key daily level at 15333 and a golden pocket 61.8% retrace of at 15315. If we get the bounce, we can target the weekly level at 15709 inside the daily fair value gap above where the short GP lies (61.8% retrace is at 15695) If this bounce does not hold, we can expect the daily FVG to fill below at 15255-152128.

Upside
15444 → 15552 → 15882 → 15695 → 15728

Downside
15333→ 15315 → 15254 → 15218 → 15172