This indeed will be short and sweet because I think we are at a crossroads near a VWAP line around 13330. If you can, watch the video!
If the volume can continue strongly on the side of the bulls (and if there is a pivot or a final rate hike being proposed, buyers will try to advance MNQM23 prices, and you could have a target high of 14147.75. You can watch the video beginning at 3:19 to get the full details.
On the bearish side, if we cannot close above this week’s high and we pivot to the downside, the equivalent AB=CD pattern would provide an ultimate low of 9980.50. One reason I could make that claim is that there is a skewed 3-drives-to-a-top pattern that ends at 13311.50. If the price symmetry holds, then a strong bout of selling over the coming weeks could take MNQM23 to that 9980.50 level. You can watch the beginning of that discussion at 05:56.
We get employment, manufacturing data, U.S. unemployment, and U6 data for March 2023 this Friday. That will probably guide the Fed in some way to make interest rate decisions. Given the uncertainty in our own and the global economic situation, the outcome of that announcement and its effects on markets is fairly unknowable. What will happen is that the reaction to it will be violent as traders now seem to blow a gasket at every pivotal economic data point that lends itself to major changes in Fed policy.
Until that time, I will simply look for good setups that match the breakout points, the proper Fibonacci targets, and stop losses, with volume and price momentum headed in the right direction, regardless of what direction that is.
That is all for now. If you have questions, leave them in the comments here or on Facebook, Twitter, or MeWe. Have a wonderful rest of the weekend and a profitable, peaceful, and productive week next week! THANK YOU FOR SUPPORTING THIS SUBSTACK BLOG!
