NAS100 USD NQ1! NASDAQ 2022 May 08 week
So last week market chose the devious path of scenario2, trapping longs and
then bringing it down to the 12626 region. Price is now at bottom of the channel,
so a retracement may be expected since volume analysis informs us of
some strength.
Possible Scenarios - Retracement and follow the downward channel
Weekly = Average vol down bar closing off low = minor strength
Daily = Ave volume, narrower range down bar closing off low = minor strength
H4:Ultra high vol up bar closing below mid of bar and next bar closed lower =
weakness
Price reaction levels:
Short on Test and Reject | Long on Test and Accept
16767 16481 15992
15492 15160 14391
13881 13587 13025
12801 12626 12280
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Have a profitable trading week ahead.
