Possible consolidation breakout on NASDQ

2020年10月11日

This Friday NQ hits his local area of structure. What I would expect is a minor correction of approximately 130 points back to recent consolidation level which I believe was an accumulation phase. NQ might want to consolidate near both of those areas of structure for a day or two before picking its direction. Falling below the 11500 points level in my opinion will deny this possibility, as beating psychological levels which in this case seems to be an area of strong support will be a bearish signal for the market, especially if the market consolidates in range suggesting possible distribution phase. What also suggests a bullish sentiment on the market is the session on Thursday which seemed to be an accumulation phase followed by a bullish run up.