Looks like Nasdaq may have completed an ABC zig zag retracement wave at the open on Friday morning, as it quickly rallied up to just below Wednesday's swing high before pulling back down at the end of the day on Friday, likely a wave 2 pullback.
If so, and once wave 2 has ended, price should quickly rally and rocket above Wednesday swing high (wave 3). A gap-up and trend-up on Monday would be a good indication of wave 3 in progress. ES is also displaying a similar pattern.
Key Level For Monday is 2770 area.
-- Bullish above, targeting a break above Wednesday's swing high, then Tuesday's swing high.
-- Below 2770 implies it is going back down to re-test Friday's swing low.
FT Pivot Levels
R1 = 2790
Pivot = 2775.25
S1 = 2755.25
Market Profile Numbers
UVA = 2784.50
POC = 2777.50
LVA = 2767.50
Below is a QQQ 5-minute chart, a nasdaq 100 tracking index ETF.
