My target on the Nasdaq (9144) has been hit and now the question is, will it reverse?
The big thing to look at here is the momentum at which the Nasdaq has rallied. Since late September last year, it has been very strong with little to indicate a change. This makes me hesitant to start looking for the shorts right now. I am however going to pay attention to this level and see whether there is strong supply and whether I begin to see signs of a reversal. I will only look at short triggers after the Daily reversal has confirmed.
This could present really good targets to the downside.
Expect some backtest soon, no great Fear drivers, a modest correction to consolidation support zone around 8300-8500 seems likely. Absent Fed hike, that would present long opportunity IMO.
Ty for post!
Ty for post!