On To The Retest

ES made Stan’s target area 2700-40 for the rally and all three of ES, NQ, and TF have turned back down towards likely retests of the retracement lows so far. There is still a possible case for high retests on these to make double tops to deliver that move, but I was only assigning a maximum one in three to that scenario on the video below, and the odds have reduced further since then. Intraday Video from theartofchart.net – Update on ES, NQ, and TF:

The nicest setup to get there is a decent quality H&S on NQ that has broken down with a target at the low retest. Looking for this to make target soon, ideally this week, though I’m not expecting the retest to proceed as vigorously as the original low. NQ Mar 60min chart:

Written by:

Richard Chappell

Jack is a 20 year retail trading veteran and co-founder of The Art Of Chart. He started his blog at channelsandpatterns.net in 2010 and since has published tens of thousands of charts looking at hundreds of trading instruments across most tradeable markets, doing original work mainly in the areas of trendlines, patterns and divergences. At The Art Of Chart Jack has taught trading skills, technical analysis, and the discipline and trader psychology that allow those to be used effectively in trading.

08th Feb 2018

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