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NQ1!, Market is Poised to Stay Bullish

NQ1!, Market is Poised to Stay Bullish

This past week the price broke the monthly/quarterly pivots and on the way to retest the monthly R1. At least it looks that way. There is a hurdle on the way though. My anticipation is to see a pullback reaction. The price is short term exhausted. Whoever missed the move is waiting for that pullback and without their firm participation it is not easy to keep going up.

Areas of pivots are battlegrounds. To see the price diving back below the pivot is normal as long as it is not too deep or rejected decisively. Take a look at the previous month pivot ...

Mega techs are reporting on the next week. That may facilitate that push to the monthly R1.

Despite the bullish looking move there is a chance of the sell side return. After all if the hypothesis of a big H&S pattern is true the price may retrace all the way to the lower edge of the right shoulder. One need to think as market makers. A mark up move is an invitation to the public to participate. The market makers have finished to buy at discount and now advertises the product so they can sell at high price late. Thinking that they want you to make money is foolish. :)
But at this point there is not enough market generated information.

A note to myself:
Neither tops nor bottoms are based on spikes. A process of consolidation, which is an accumulation or distribution should occur. This is a critical step often overlooked when the recency bias prevails.

10/16/2021

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