Recap
Gap up turned into breakout failure. Gave us an excuse to send NQ back down to Y-0. Tagged Y-0 and failed to push it lower since. Then end of week news shock produced a squeeze back up to Y+1.
Outlook
Once Y+1 / B+1 is cleared and turning into support, NQ can go a lot higher, not just B+2 or B+3. There will be enough trapped shorts to push this much higher as this base took almost 2 months to build.
The less likely scenario is that the breakout failed to materialize. Once B-0 is breached we should get B-2 quickly.
Nasdaq 100 Jun 18 to Jun 22 Outlook
By News Robot on 2012 Jun 16 Sat 7:05:10Lawrence’s Comment
Gap up turned into breakout failure. Gave us an excuse to send NQ back down to Y-0. Tagged Y-0 and failed to push it lower since. Then end of week news shock produced a squeeze back up to Y+1.
Outlook
Once Y+1 / B+1 is cleared and turning into support, NQ can go a lot higher, not just B+2 or B+3. There will be enough trapped shorts to push this much higher as this base took almost 2 months to build.
The less likely scenario is that the breakout failed to materialize. Once B-0 is breached we should get B-2 quickly.