NQZ14  has completed two separate harmonic patterns inside one PRZ (Potential Reversal Zone aka Harmonic Pattern completion target).  The zone levels are 4061.25 to 4066.5 with 4061.25 being the ideal target.  This ideal target was breached however once price was able to hold below there increased the probability of a retracement attempt.

This STRenko 10 shows how the ideal minimum retrace of the double patterns, a Bearish Bat and a Bearish Shark, has the ideal minimum retracement target at 4042.75, and ideal targets at 4035.5 or 4004.25.

First things first, the initial pull back target is at approximately 4050.25 for a bullish cross validation test, should this hold price up, it implies a retest of the dbl PRZ or attempt to test higher targets of 4077 or 4089.75.

There is also a very large harmonic pattern attempting to form, large in the sense of intraday perspective.  Harmonically speaking, there is a requirement to pull back at least to 4042.75, failure to do so also increases the probability of testing the 4077 region.

Under the conditions of this chart, this rejection of the double bearish PRZ is considered in a pull back into support mode, until proven otherwise.  In this case that would mean below 4050.25.  There’s a very important target of 4035.5, but if price gets there, be aware there’s a potential breach to test 4028, but thereafter it is crucial for the Bullish 5-0 that price goes no further down but rather is able to hold back above 4035.5 and more important, back above 4042.75.

So 4042.75 is a key level when price is approaching from above, as well as a key level from below, providing price is able to push below 4042.75 when gets there.