Market Analysis for Feb 6th, 2020

In yesterday's morning report, I posted that NQ had a pattern which projected higher by around 4% more... how I got to that... thought of sharing.. just basic TA which works well if you are willing to listen...

The first big multi month flag - this one broke out last Oct... I remember when it did I posted a breakout target of around 8800... this one was achieved easily...

Since then, we have has a couple of multi day smaller flag patterns.. the 1st one broke out and gave around 400 points... the 2nd one also broke out and gave around 400 points...

The current one we broke out of should give us 400 points if pattern is consistent.. which gives us around 9650-9700 on NQ... which is approx 4% from yesterday's lows...

Yeah basic TA... simple stuff.. it does work..

Princely Mathew hosts The Smart Money premium service at ElliottWaveTrader.