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Neckline broken, a M top is confirmed. The 1st target of 100% extension has been achieved to the tick once again in the extremely technical CAC. A corrective structure might be forming some where close to the neckline and the second down leg can bring us to 5010.
Can you help answer these questions from other members on NexusFi?
Watch that the Wed's value has been squarely below Tuesday's value. But when NQ made a false break down and launch from a spring, it has traded through the value area of both day.
What does it mean? It means it is very likely to be a short squeeze/covering day that if the price was not able to hold above yesterday's value high, then we are going to see much lower prices today and the next week.
1. After two attempts to drive the price lower, the bears have failed to keep price below the weekly value area. The weekly closing print has been quite close the weekly VPOC of 11400, which is also the initiation point of the last down leg. If we would have a bullish open on the other side the 11400, we are very likely to a massive short squeeze rally. The potential target suggested by a W bottom pattern is 11620 and then 11800.
2. There is a similar W pattern in CAC, only it implies an even bigger move in percentage term. Let us bear in mind this scenario of short squeeze rally.
This morning CAC has stalled after the second up leg making a head shoulder's pattern.
The pattern down side target has been achieved to the tick just before the lunch time break.
The down move is slow and orderly which made me falling asleep. When trading this market, to stay up awake is the biggest challenge.
Since 12:00 pm, cac was trading in a contracting triangle. The break out suggest the real intention. I suspect that the bullish case is more appealing as the bears failed to produce any down side follow through.
