The 2 charts look eerily similar don't they? This is not a prediction, only an interesting observation.
In the short term I think the Nasdaq first goes to the 4000 level and then it retests the 2000 high and "pulls a silver".
Will it go down from the 5000, 6000 or 10,000 level only time, the price pattern and investor psychology will tell.
For the moment I am positioned for a correction. The Nasdaq could also only break the high marginally in a fake out move before declining. Keep your stops tight however for the scenario in which the Nasdaq breaks 5000 and never looks back. Don't try to predict, be aware of multiple scenarios and adjust your trading strategy accordingly.
--------------------------------------------------------------------------------------------------------------------------------------------------------------
Join me on my blog:
www.highprotrading.com - A diary style blog focused on risk management, emotional aspects and trading best practices where I follow a live portfolio, list all trades, and track its the performance through time.
Thank you,
HighProTrading
Website: www.highprotrading.com
In the short term I think the Nasdaq first goes to the 4000 level and then it retests the 2000 high and "pulls a silver".
Will it go down from the 5000, 6000 or 10,000 level only time, the price pattern and investor psychology will tell.
For the moment I am positioned for a correction. The Nasdaq could also only break the high marginally in a fake out move before declining. Keep your stops tight however for the scenario in which the Nasdaq breaks 5000 and never looks back. Don't try to predict, be aware of multiple scenarios and adjust your trading strategy accordingly.
--------------------------------------------------------------------------------------------------------------------------------------------------------------
Join me on my blog:
www.highprotrading.com - A diary style blog focused on risk management, emotional aspects and trading best practices where I follow a live portfolio, list all trades, and track its the performance through time.
Thank you,
HighProTrading
Website: www.highprotrading.com