Good morning, everyone. Well, the Great White Hope continues to be, fittingly, a diamond. It isn’t at all clear when you look close at the /NQ (although you can see the attempt at even a modest rally was beaten back):
Backing away, the rightmost portion of the pattern is visible, although you don’t know it is there unless you’re looking for it. Note the two circled areas; slipping beneath those is (obviously) required to complete the pattern, with the low from yesterday being a relatively simple task, if the market gods decide to cooperate.
At the 4 hour bar granularity, we can finally see the pattern in all its glory. Squeaky clean, isn’t it? And if we can get just one more good down day, this rare but important reversal pattern on the /NQ will be done.
