NASDAQ, Ready To Make Another Leg Up Into Possible Short-Zone!

VincePrince Updated   
NASDAQ:IXIC   Nasdaq Composite Index
Hi Traders Investors And Community,

Welcome to this update about NASDAQ COMPOSITE INDEX 4-hour timeframe perspective, it is currently the only index which is way above its established pre-corona all-time-high and moving higher in the range, but there are some signals which can indicate minimum a pull-back to remaining support when the upside targets fully worked out.

Looking at my chart you can watch that the NASDAQ moving in two ascending channels, one big channel, and one small channel. Currently, the index forming a wave count in the smaller channel where a wave to the upside remains which can be traded to the suggested zone you can watch marked in my chart, there the index will approach the upper boundary both of the small and big channel where a pull-back is likely not only why the wave-count is ending but also why the NASDAQ is overbought in RSI conditions as you can see it in my chart. Therefore the red zone marked can be a possible short-entry zone between 11620 and 11800 when this confirms the index can move below the lower boundary of the small channel which will activate the targets at the 80- and 50-EMA marked in black and green together with the lower boundary building a coherent support-cluster where stabilization is possible.

What is important to note here that when the index falls below the lower boundary this will follow up with increased bearish pressure to the downside in this case the lower boundary definitely needs to behold when considering any continuation upward. In comparison to the SPX the NASDAQ is currently one stronger index but this can also change.

In this manner, thank you for watching, support for more market insight, all the best!
"Trading effectively is about assessing possibilities not certainties."

Information provided is only educational and should not be used to take action in the market.
ANALYSIS UPDATE: The NASDAQ continued with the trend acceleration and bounced within the important areas to finalize the wave into the major upper resistance.

The NASDAQ since reaching the final crucial severe upper resistance zone cluster pulled back heavily bearishly to move into the bearish short side target zones.


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