Hello Traders, welcome to this free and educational multi-timeframe technical analysis .
The Nasdaq and also all major US indices have been performing extremely well lately. I personally don't think that this is just a short covering rally, in my opinion, this could actually be the beginning of a new bull-market. You can also see that from a weekly perspective we broke a lot of structure towards the upside and are also about to create a weekly double bottom, so everything is looking very bullish.
From a daily timeframe I am now just looking for a retest of the neckline of the double bottom, which is simply previous resistance turned support, and after this retest it is quite likely that we will see the next impulse towards the upside.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
@Mihai_Iacob, Agreed. This is a Sucker Rally. I am 100% short since Monday. Had to grit my teeth a bit on Tuesday but I kept my nerve, didn't bail, and now its paying off.
However, i m very scheptical and I think is a trap in fact.
Let s see