Now I start from the lower towards higher time frame.
1 Hr: Simply Bullish, but ADX is a bit too high and turning down a bit. Key support to watch 3920-3925
4 Hrs: Looks bullish again, reaching theall time high top zone 3950-4000. In fact after the breakdown it couldn't carry out any real counter trend move, as 3845-3855 support held.
Daily: This is getting interesting. Tenkan/Kijun weak bearish, but Price is still above Kijun and the Kumo. Price couldn't come below 3845-3855 key support zone. That was just a Kumo top retest, not really a big move, we can not even call it a real correction. This mkt is super strong. For how long will it be? That is the question. The time has arrived to start watching Price action closely. I have a feeling it will try to reach the top again, but Bulls won't be strong enough to push it even higher. Chikou Span is getting close to Price candles, loosing open space ahead. ADX is dropping, DMI is mixed.
I think that Nas100 is enterring a major top formation and that it's bullish trend will exhaust here within next 1-1,5 months.Zoom out the daily chart! If I will be right, and if it builds a double top, that will have serious consequences. The measured corrective tgt from a double top would be down to the primer trendline and Key Support 3440.
I will try to sell the top zone in smalls. But in fact the best strategy is to wait, let the first 2-3 % drop go away, and just sell into the break at the equilibrium Price 3855 when it happens.
1 Hr: Simply Bullish, but ADX is a bit too high and turning down a bit. Key support to watch 3920-3925
4 Hrs: Looks bullish again, reaching theall time high top zone 3950-4000. In fact after the breakdown it couldn't carry out any real counter trend move, as 3845-3855 support held.
Daily: This is getting interesting. Tenkan/Kijun weak bearish, but Price is still above Kijun and the Kumo. Price couldn't come below 3845-3855 key support zone. That was just a Kumo top retest, not really a big move, we can not even call it a real correction. This mkt is super strong. For how long will it be? That is the question. The time has arrived to start watching Price action closely. I have a feeling it will try to reach the top again, but Bulls won't be strong enough to push it even higher. Chikou Span is getting close to Price candles, loosing open space ahead. ADX is dropping, DMI is mixed.
I think that Nas100 is enterring a major top formation and that it's bullish trend will exhaust here within next 1-1,5 months.Zoom out the daily chart! If I will be right, and if it builds a double top, that will have serious consequences. The measured corrective tgt from a double top would be down to the primer trendline and Key Support 3440.
I will try to sell the top zone in smalls. But in fact the best strategy is to wait, let the first 2-3 % drop go away, and just sell into the break at the equilibrium Price 3855 when it happens.