Date: 19 July 2022 Instrument: NAS100 Timeframe: Daily Description NAS100 (US Tech 100) appears to have completed a correction sequence that started on 22 November 2022.
Apparently price is sitting at a range price (support zone) of Monthly and Weekly Pivots at11820 and 11860 respectively. If this support zone holds, price is likely to visit 15550 area for a completion of CD of Bearish Cypher Pattern on Daily Timeframe.
Bullish Trade of potential CD Leg is depicted on the chart.
Disclaimer: Charts are EDUCATIONAL purpose, not INVESTMENT recommendation.
Trade closed manually
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Looks like price will not develop in a bullish fashion as anticipated.
Nonetheless, price is likely to develop a bearish move back to 10602.71-10376.34 area before we can consider a reasonable bullish move.
Disclaimer: Charts are EDUCATIONAL purpose, not INVESTMENT recommendation.