Update: Weakening At Resistance; Hinting Reversal | #NASDAQ
Friends,
Ever since our targets on January 30th and a warning against an interim rallying capped by the EAGLE's range, price action remained faithful to that presumed scenario in which I introduced the Wolfe Waves Pattern ("WW") and its 1-4 Line acting as an eventual backstop to a rising price.
As of today (03 MAR 2014), not only price action did remain tight to that 1-4 line validation scenario, but it continued to use that 1-4 Line as a backstop while rising and signaling significant resistance into the EAGLE range.
As you may recall, the EAGLE's Nest is a range which offers the counter-trend trader an Extremely Aggressive Level of Entry with the expectation that price would reverse imminently. Now that we are currently at that precise point, my expectation remains unchanged. In fact, our system is detecting increased weakening of price as it continues to test the resilience of the EAGLE's range.
Our bearish expectation should become questionable if price broke and closed above the EAGLE range, and invalid if price were to close above 38.98.
OVERALL:
Targets remain intact, and the recent bullish strength that hoisted price to the current levels has since weakened, clasping price action into a tightening and capped range. For this bearish expectation, "Long" directional bias has moved to "Neutral" until an early bearish reversal signal occurs. If further rallying invalidated our bearish expectation, we would return to a "Long" designation of the chart.
Cheers,
David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & forecasting
-----------------------------------------------------
Follow our forecasts, signals and analyses on Twitter
Alias: @4xForecaster
-----------------------------------------------------
Disclaimer: Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
Ever since our targets on January 30th and a warning against an interim rallying capped by the EAGLE's range, price action remained faithful to that presumed scenario in which I introduced the Wolfe Waves Pattern ("WW") and its 1-4 Line acting as an eventual backstop to a rising price.
As of today (03 MAR 2014), not only price action did remain tight to that 1-4 line validation scenario, but it continued to use that 1-4 Line as a backstop while rising and signaling significant resistance into the EAGLE range.
As you may recall, the EAGLE's Nest is a range which offers the counter-trend trader an Extremely Aggressive Level of Entry with the expectation that price would reverse imminently. Now that we are currently at that precise point, my expectation remains unchanged. In fact, our system is detecting increased weakening of price as it continues to test the resilience of the EAGLE's range.
Our bearish expectation should become questionable if price broke and closed above the EAGLE range, and invalid if price were to close above 38.98.
OVERALL:
Targets remain intact, and the recent bullish strength that hoisted price to the current levels has since weakened, clasping price action into a tightening and capped range. For this bearish expectation, "Long" directional bias has moved to "Neutral" until an early bearish reversal signal occurs. If further rallying invalidated our bearish expectation, we would return to a "Long" designation of the chart.
Cheers,
David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & forecasting
-----------------------------------------------------
Follow our forecasts, signals and analyses on Twitter
Alias: @4xForecaster
-----------------------------------------------------
Disclaimer: Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster