NQ Futures could be trying to setup an ascending triangle to catch bears short at the bottom with major upside potential with a breakout and confirm.
Will almost certainly coincide with data/news that will either play out a bear trap or a bull trap on the same timeframe for the next let the market takes.
Often these patterns forming at the bottom of a range end up being bull traps but anything can happen and it's best to be prepared for whatever happens.
Comment
If a breakout occurs, upside price targets would be:
- 18053.50 - 18483.75 - 18709.00
Trade closed: target reached
Closed out all at 18238 - Looks like a bear market rally that has concluded - Closed trade for about 300 points
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