While highlighting the fact /NQ (and QQQ) was offering another objective short entry while backtesting the minor downtrend line/wedge from below (shortly after triggering the first sell signal on a break below it earlier today) during today’s earlier video, I stated that “a break below 16964 ‘should do the trick’.” /NQ went on to immediately reverse following that backtest & then took out that 16964 support with conviction shortly after that, printing the biggest red 60-minute candlestick in months.
NQ 60m Dec 20th
While plenty of work still to be done, even just to hit the short-term targets posted earlier this week, it’s certain a good start as breakdowns that occur on high volume with impulsive selling have a better chance of sticking (i.e.- not proving to be a whipsaw) than those that don’t. The updated 60-minute chart below shows the first near-term targets posted earlier this week along with my preferred & alternative scenarios (both leading to the same targets).