Bearish H&S pattern, with a neckline break (bearish). The market is has retraced to this neckline, which is a classic pullback test.
Multiple (7) bearish divergences on the daily bar.
Price is well below 200MA.
20MA is resistance for now.
Price is rising, volume is falling, indicating bearish divergence.
NQ may consolidate sideways between 11700 - 12600, before making a measured move to the downside.
The 9700 target zone area is calculated using the distance between the HEAD and NECKLINE, coupled with the break in the NECKLINE.
My bullish thesis for NQ futures this summer:
Multiple (4) bullish divergences on the weekly bars. This week's candle substantiates these divergences.
RSI pivoting up from oversold condition in previous week.
Price is at 50% retracement level with (3) rejections at this level forming strong support (bullish). I also consider retracement to the 61.8% level as bullish price action.
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