Nasdaq 100 Aug 05 to Aug 09 Outlook

Recap
How wrong was I on NQ. Instead of a clean FBO Monday, NQ rejected the setup by not breaking the Monday low and instead gap and breakout upside. Tagged Y+2. Held Y+1 as support and started the 200% absolute range expansion move. Closed the week at the week high and above Y+3.

Outlook
This rally has the signature of blowoff top in the making. We cannot predict exactly where the blowoff top will end but we can tell 2 downside targets are now created waiting to be retested when the blowoff phase is over. One is B-0 and the other is B-1.

This week consolidation around B+1 is expected although I suspect more wild moves are coming. Daily reversal setup is necessary before we can participate on the downside.