Hello Traders and Investors, my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of Nas100💪
After the Nasdaq perfectly retested the monthly 0.618 fibonacci retracement, previous monthly support and also broke above a clear bearish trendline, we had a solid rally of roughly 20%.
With the Nasdaq now retesting the next weekly resistance at the $15570 level I do expect a short term rejection again away from the resistance but then eventually the creation of new all time highs on the technology index.
Looking at the obvious rising channel on the daily timeframe you can see that on Friday the Nasdaq once again rejected support and there is in my opinion currently a 50% chance that we will still see a major correction but objectively looking at the index there is no sign of weakness yet.
Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈
Thank you for watching and I will see you tomorrow!