Premium Preview: NQ_F Dealing With Support

Nasdaq (National Association of Securities Dealers) Futures has been in a retrace mode of a harmonic pattern, called Bearish Shark and is currently testing it's ideal minimum target region of 4305.25.  For this particular harmonic pattern there are two ideal retracement targets, the 50% for another harmonic pattern called Bullish 5-0 and 100%, the target I consider every harmonic pattern dreams of.

Looking at the Day chart, it shows that due to expansive move there's probable stall or bounce into 4390.75 or 4464.75.  As long as these levels are defended by sellers, the probability of testing 4219 is strong and there's a potential breach below it to test 4132.50.  Once price is inside the gray GRZ (Golden Ratio Zone) between 4305.25 and 4132.50, the important thing to watch for is where can price break and hold beyond this zone for increased probability of noted targets being met.

2016-05-09_NQ D MTS

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