NAS100 / H2 : Seems like an Extended Flat Correction !

FX:NAS100   NASDAQ 100 Index
Following on from the previous analysis that showed out target for wave 3 (reached precisely), we expected the prices to retrace back to previous supports. But for now it seems to refuse that and prices seemed to look like an early ABC extended flat consolidation. To confirm that we need to temporarily break through resistance and search for a theoric 138.2% retracement of wave A (that we probably finished already). If we reach to that point and then retrace back under the resistance of our wave 3 target, we should then head to the C target that is generally at 161.8% extention of wave A or sometimes at 261.8%. In that case I would rather bet on the second one as it corresponds to more attractive prices and substantial support area . I'm short on this indice for now, probably going to reinforce at the projected B point and exit at C. I'm not buying NASDAQ so I'll step out and wait for the wave 5 completion in order to trigger a more leveraged short entry !

Hope this idea will inspire some of you ! I'm pretty new to TradingView so I'ld appreciate any like/comment/follow if you feel like it deserve it ;)
Trade closed: target reached: As for now sells are counter trend I rather like to take my profits on support no matter how ! The scenario was to get back to support, it's done, now I'm out and standing by to get more information as this week will probably be crucial for the next weeks
wonderful analysis , any idea from this level? regards
Some will say that the friday selloff was unpredictable and that selling the NASDAQ was stupid ! I prefer saying that the sudden selloff just made the thing happen faster and stronger but that this little correction had to happen anyhow !
Anyway target got filled.. I wasn't in front of the computer when it happened but I had the pleasure to see my equity jumping +2% on friday eve ! Scenario is over now... Standby for the next week that may be complicated !!
+1 Reply
toner PRO_Indicators
@PRO_Indicators, I agree with your chart and analysis. I add that (IMO) the friday drop is a bit more "heavy" that the one on 16-18 may 2017 (2 weeks ago...and no-one speaks too much about it) and that all the friday (intrady) charts look so similar, at 14:49 (or some minutes around) all buyers come back > sold on maximum, short till 14:49 and back into with discounted prices, so they are already in positive. It's look like a game, dont? So for today I'll be on screen all minutes, but I think Nasdaq will go on to new records (but I'll feel confortable outside with my gains...dont want to ruin my party again as on friday!) ;-)
@toner, We're on end of bull movement, those who buy here will probably get stuck into a retracement.. To me it seems like the only option is to short the correction with moderate leverage and be patient to buy again later
+1 Reply
toner PRO_Indicators
@PRO_Indicators, thank you so much for feedback!
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