Nasdaq Zigzagging Price Action Suggests Cover
Too early to be long aside from intraday, but the recent price action suggests that the downtrend is weakening.
This coincides well with oversold conditions in the monthly time frame which still suggests possible longer term
bounce. I am calling it a "bounce" because I must remain transparent about my bias which my hypothesis is
that we have entered a long term down trend. BUT before we can really move towards "all hell breaking loose"
I suspect that the monthly will trigger some kind of buy signal and be possibly rejected afterwards. I suspect
by summer or sooner we would return to the downward bias. For now it suffices to say stay out of this market
until further confirmation of a bounce IMO. This means we are looking for strong uptrend followed by a sell off
which should be bought. There is where we could possibly find a buying opportunity that should last longer than 15 minutes.
Of course this is all void if we encounter a new low.
This coincides well with oversold conditions in the monthly time frame which still suggests possible longer term
bounce. I am calling it a "bounce" because I must remain transparent about my bias which my hypothesis is
that we have entered a long term down trend. BUT before we can really move towards "all hell breaking loose"
I suspect that the monthly will trigger some kind of buy signal and be possibly rejected afterwards. I suspect
by summer or sooner we would return to the downward bias. For now it suffices to say stay out of this market
until further confirmation of a bounce IMO. This means we are looking for strong uptrend followed by a sell off
which should be bought. There is where we could possibly find a buying opportunity that should last longer than 15 minutes.
Of course this is all void if we encounter a new low.