Here on NASDAQ price is once again at the top of the overall structure.
From my 2 previous short idea, they all hit the bottom of the higher time frame ascending structure, but did not continue lower. This is simply a sign of the HTF correction phase isn't over.
Now, we are once again at the top, and bearish price action has begun on the LTF. Certainly a good idea to look for sell now as we have seen many times price drop when its at the top of the current price action.
Be on the lookout for lower time frame bearish continuation correction, and put in sell entry order when confirmed.
Thank you
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Overall higher time frame development is due for a correction phase. We can see from previous, past development of price that formed into the bearish reversal ascending structure. Watch for price to sell from the top would give good R:R.
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On the lower time frame, after price hits the top of the higher time frame ascending structure, a reversal correction price action formed, and a bearish impulse phase pushed the price down.
Good to wait for bearish continuation correction to confirm further downside.
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Took a -1.00 % loss here on this entry. Will monitor the price for the up coming week. If no additional bearish price action form then no additional entries. /
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same management plan as always if they reverse. Moved down SL and secure profit if they reversed up.
Good work, I believe we will see small pullbacks.. but nothing more than 5%
jojofang0901
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@Vibranium_Capital, Yes, certainly not a crash like Covid, but a correction/pullback is possible. Thx :)
nguyenh23
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Wrong time to follow charts. It will. Grinding up along the upper line channel to year end. Bulls will not allow a correction into end of year especially on a Covid recovery year. That would dent confidence.
jojofang0901
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@nguyenh23, looks like its pushing down as expected now.
dmwlc20
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50% Fib Retracement 50 day moving average Trendline Bounce Downtrend in an uptrend Bearish Reversal Around ::16145 - SELL to ::15700
jojofang0901
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@dmwlc20 certainly possible will see how it play out
hashmir
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THanks, good info. I look forward to seeing if the continuation is confirmed. Will you do a video on that too?
jojofang0901
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@hashmir, look for bearish continuations if they form on the LTF