Nasdaq 100 May 14 to May 18 Outlook

Recap
Failed to bounce back up in the beginning of the week opened the door to tag Y-2. Interestingly, however, Y-2 was not tagged even after 2 attempts to flush lower. Closed the week below midpoint and Y-1.

Outlook
Out of the 3 indices, NQ is the strongest. Yet it failed to push above Y-1 by week close. The pattern in place is an incomplete upside triangle. Upside triangle is a continuation pattern. In this situation, that means more downside potential.

To invalidate the pattern or to break out of this down trend, NQ has to produce a double bottom against B-1, or, a flush low that snap back up quickly above B-1.

Will be a difficult week ahead.