WATCH THE VIDEO, if you can. The monthly analysis is brief (0:00 to 1:48) and is still composed of the symmetry that existed from the end of September until this past week. The weekly doesn’t add a ton on nuance to what is seen, but the daily chart, particularly on the basis of Friday’s trade, maybe showing the potential for a counter-trend reversal, but it could run into a brick wall of VWAP lines, price, and even pattern resistance.
The monthly target is basically the same assuming that the symmetrical AB=CD pattern remains in place (which is in NO WAY GUARANTEED).
A close up of THIS WEEK’S monthly chart shows that the last couple of months have been bearish, and that the meat of the October candlestick is in the lower half of that price bar, which is bearish (negative). The two bearish or negative volume binary indicator bars confirm the bearishness, even though the price spread shown in the “navigator” indicator is still slightly bullish. The lagged price/volume ratio indictor is overbought and has rolled over into a negative momentum indication.
MNQZ23 could rally to the moon next week, but these decently tested indicators would likely consider that the bearish trend could continue a little longer.
What is the most bearish scenario for next week? This is my take on it. There is the possibility of a future run to 13574.25, if the bearishness continues forward.
What is my near-term most bullish prospect? An attempt to rally into resistance, potentially as high as 15179.50, before reversing again to the downside. It could also run back to the upside if buyers decided to press, and something akin to a pivot on interest rate policy could do that. No one knows for certain.
That is basically my cut at what could happen in the next few days and weeks. I will add more information as I see it.
Thanks again for supporting this Substack! It continues to grow, and with the time I have to devote to it, I will continue to strive for improvement. Have a great weekend everyone!
