Similarly to my earlier post with the
ES1!
(Find that below):
We can see we still have a potential for bearish price action. Similarly to ES, we have a gap that hasn't been filled by a full-bodied candle on the higher time frame 3-Day and Weekly Charts. We are currently rejecting quite nicely from the Price Channel Midline as well.
If we are able to get out of this Price Channel entirely, we could waterfall down to previous ATH's and potentially fulfill that gap further down. Otherwise, we may get a strong push to the Price Channel High and potentially even higher if buyers can take back control. Remember, with elections fast approaching, the volatility will be ramping up as well, and
NQ1!
has been leading the way for the majority of this rally.
ES1!
(Find that below): We can see we still have a potential for bearish price action. Similarly to ES, we have a gap that hasn't been filled by a full-bodied candle on the higher time frame 3-Day and Weekly Charts. We are currently rejecting quite nicely from the Price Channel Midline as well.
If we are able to get out of this Price Channel entirely, we could waterfall down to previous ATH's and potentially fulfill that gap further down. Otherwise, we may get a strong push to the Price Channel High and potentially even higher if buyers can take back control. Remember, with elections fast approaching, the volatility will be ramping up as well, and
NQ1!
has been leading the way for the majority of this rally.