M is bearish and W is bullish. The Nasdaq futures gapped down on the open and carved out a bearish M pattern on the 1 minute timeframe. Place the fibs from the ORL to resistance - top of M pattern and short the breakout. Alphabet patterns h, inverted h, and W/M usually result in fast moves. I took a partial after 3 WRBs or 150% fib. extension. The first line of support/resistance is the 5 period EMA. I was hoping it would hold as resistance, but it felt like it would give way at 1185, so I exited balance on stop. The second line of resitance is the 20 EMA and it is miles away, so best to lock in gains and watch for a second entry. Turned into a chop fest for the rest of the day as neither the bulls nor the bears, took ownership.
M is bearish and W is bullish. The Nasdaq futures gapped down on the open and carved out a bearish M pattern on the 1 minute timeframe. Place the fibs from the ORL to resistance - top of M pattern and short the breakout. Alphabet patterns h, inverted h, and W/M usually result in fast moves. I took a partial after 3 WRBs or 150% fib. extension. The first line of support/resistance is the 5 period EMA. I was hoping it would hold as resistance, but it felt like it would give way at 1185, so I exited balance on stop. The second line of resitance is the 20 EMA and it is miles away, so best to lock in gains and watch for a second entry. Turned into a chop fest for the rest of the day as neither the bulls nor the bears, took ownership.
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