$NQ1! $Nas100usd $ndx $qqq - ...Is this where you want to short?
Shortterm bull.
My previous gold call worked out perfectly, check that out if you're curious. As for NASDAQ, I'm bearish, I think we have more correction to come. BUT here's some reasons to take some profit if you're short, or open a small long depending on your time frame.
1) 2 Fib levels that I've labeled in green.
2) A solid previous low AND high shown with the green horizontal support line.
3) 3D 200ma (orange line)
4) Some bullish divergence on the MFI/VFI, with a lot of my indicators showing over extended down.
I'll be playing this with either TQQQ calls or SDOW puts. I like options for plays like this because it prevents me from being stopped out from a crazy move and then coming right back to where I wanted it to be (Within the expiry date.)
Leave a comment and reasons why if you agree/don't agree! And don't forget to mention your timeframe
My previous gold call worked out perfectly, check that out if you're curious. As for NASDAQ, I'm bearish, I think we have more correction to come. BUT here's some reasons to take some profit if you're short, or open a small long depending on your time frame.
1) 2 Fib levels that I've labeled in green.
2) A solid previous low AND high shown with the green horizontal support line.
3) 3D 200ma (orange line)
4) Some bullish divergence on the MFI/VFI, with a lot of my indicators showing over extended down.
I'll be playing this with either TQQQ calls or SDOW puts. I like options for plays like this because it prevents me from being stopped out from a crazy move and then coming right back to where I wanted it to be (Within the expiry date.)
Leave a comment and reasons why if you agree/don't agree! And don't forget to mention your timeframe
Comment:
This chart turned out near perfect again, we bounced extremely hard at the bottom of the teal rectangle. Lets see how far we can go.