Nas100 third touch to the trendline- what should we expect?
Hello traders,
Happy new week. To start off the week, my eyes are still set on the index, Nasdaq100. We see that it rallied so much last week and at the time of writing we see it trading at its 7 days maximum. In my previous analysis I stated that if bulls can be able to push price up violating the 15500 handle then it will be over for the bears. Meanwhile, if bears defend the 15500 handle, pushing price down to 15300-15200 then it will continue to drop down. The last support I am looking at is the Friday low at around 15200. Unless, the bulls strongly defend that low, we will expect another strong impulse to the downside towards 14700.
For sure bulls should be reminded of the strong down move that I market as 'Impulse X' that was triggered after price made a second touch to the trendline. Because of impulse X, I patiently wait for its shadow. Where the shadow will be, up or down will be determined if bulls and bears can be able to defend the levels I mentioned above. Otherwise my bias is still bearish, until 15500 is completely violated, where the 100 MA above price on 4 hour timeframe have to be violated to the top.
Traders, do not forget to show your support with likes if you value my contribution of ideas to the community. I will highly appreciate if you can also share with me or correct me kindly with your own opinion on this instrument by sharing your thoughts in the comment section below.
I'm thankful for everyone for your continuous support.
Trade smart.
Happy new week. To start off the week, my eyes are still set on the index, Nasdaq100. We see that it rallied so much last week and at the time of writing we see it trading at its 7 days maximum. In my previous analysis I stated that if bulls can be able to push price up violating the 15500 handle then it will be over for the bears. Meanwhile, if bears defend the 15500 handle, pushing price down to 15300-15200 then it will continue to drop down. The last support I am looking at is the Friday low at around 15200. Unless, the bulls strongly defend that low, we will expect another strong impulse to the downside towards 14700.
For sure bulls should be reminded of the strong down move that I market as 'Impulse X' that was triggered after price made a second touch to the trendline. Because of impulse X, I patiently wait for its shadow. Where the shadow will be, up or down will be determined if bulls and bears can be able to defend the levels I mentioned above. Otherwise my bias is still bearish, until 15500 is completely violated, where the 100 MA above price on 4 hour timeframe have to be violated to the top.
Traders, do not forget to show your support with likes if you value my contribution of ideas to the community. I will highly appreciate if you can also share with me or correct me kindly with your own opinion on this instrument by sharing your thoughts in the comment section below.
I'm thankful for everyone for your continuous support.
Trade smart.
