NQ - correction or turning bearish?
NQ currently has an immediate resistance turned support at 12900.
Near term support zone is between 12750 - 12900.
12750 is where I marked D which is a confluence of:
1. the 100% fib projection of the previous correction from A to B (projected onto C)
2. the 50% fib retracement level of the BC mini swing up
As long as NQ does not go below 12750 (+/- 50), it is still within "normal" correction for now. No need to "panic" yet!
p/s all bullish bets off if NQ had a close below 12700
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
Near term support zone is between 12750 - 12900.
12750 is where I marked D which is a confluence of:
1. the 100% fib projection of the previous correction from A to B (projected onto C)
2. the 50% fib retracement level of the BC mini swing up
As long as NQ does not go below 12750 (+/- 50), it is still within "normal" correction for now. No need to "panic" yet!
p/s all bullish bets off if NQ had a close below 12700
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
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