There is something to keep in mind going into next week and that is the symmetry of the market. Symmetry is the true support and resistance of the market. We get the symmetry buy using Fibs on each leg of each pattern.
From the March 09' low the symmetry of the NQ and TF has been only .382 which is on the faster side of the equation. You can see this by looking at a weekly NQ chart and you will see the pullbacks have been shallow in price and time.
The chart in this post is the 60 minute and you can see the .382 is still in play two times within the last wave up (Still Bullish)
We know there is a lot of news flow right now but it is important to look at the charts to see if the pattern is broken and so far the pattern is not broken to the upside. Of course patterns can fail but we stay with the pattern and direction until we are proven wrong and so far we have been rewarded in buying the dips and that condition is still in play.
There are two degrees of the pattern the major and the minor. On the NQ the major .382 support is 2325.59 and the minor .382 is 2337.14. When you look at the chart now they will seem like obvious support levels the key is to know the symmetry support before the level is hit so you we can get back in the long trade.
To see the weekly and daily levels we posted a video on July 5th here:
http://wwweminischool.wordpress.com/2011/07/14/nq-symmetry-382/
In that post there is a link to a video explaining what we were looking at and that condition is still true right now.
Happy Trading,
Sean
PS. This is pattern and patterns can fail but as of right now the pattern is still true and we are looking for targets of 2476 to 2500 on this next leg.
