Greetings community
Nasdaq, like with any asset, has two potential scenarios: long or short, however, it is crucial to identify the vast price movement, rather than to bicker about insignificant price jumps.
I have illustrated my view, clearly indicating what matters, well to me.
Below is text of the two scenarios that have most relative:
1) The price point of 12900-12950, which is a key level, a prior support and current resistance level, is either going to hold and allow for price to decline within its confined channel yielding more favorable long positions from the downside. In addition, Apple earnings are at low's matching 2015, Microsoft nears bottom, Google share split as well as formation of a potential double top should price close beneath above stated resistance 12950-12900.
2) The price pierces through and closes above the 12900-12950 level, defying equal high's or lower high's, thus yielding invalidation to set up - hence bringing a long opportunity, turning a resistance, back into support.
Live time price action and fundamentals will confirm either scenario, both, with minimal drawdown at given prices and high R:R.
Notes:
-High potential of bear market continuation through October.
-Correlation to BTC
-Inflation & Interest
-Recession rumors
If you've benefitted, enjoyed or would like more of this content, advise by liking and commenting below. Be it smaller timeframes, long or short calls. I see that analysis posted on this asset as of current is an absolute joke. Sorry, not sorry.
Nasdaq, like with any asset, has two potential scenarios: long or short, however, it is crucial to identify the vast price movement, rather than to bicker about insignificant price jumps.
I have illustrated my view, clearly indicating what matters, well to me.
Below is text of the two scenarios that have most relative:
1) The price point of 12900-12950, which is a key level, a prior support and current resistance level, is either going to hold and allow for price to decline within its confined channel yielding more favorable long positions from the downside. In addition, Apple earnings are at low's matching 2015, Microsoft nears bottom, Google share split as well as formation of a potential double top should price close beneath above stated resistance 12950-12900.
2) The price pierces through and closes above the 12900-12950 level, defying equal high's or lower high's, thus yielding invalidation to set up - hence bringing a long opportunity, turning a resistance, back into support.
Live time price action and fundamentals will confirm either scenario, both, with minimal drawdown at given prices and high R:R.
Notes:
-High potential of bear market continuation through October.
-Correlation to BTC
-Inflation & Interest
-Recession rumors
If you've benefitted, enjoyed or would like more of this content, advise by liking and commenting below. Be it smaller timeframes, long or short calls. I see that analysis posted on this asset as of current is an absolute joke. Sorry, not sorry.