Hello Traders, welcome to today's analysis of Nasdaq.
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Explanation of my video analysis:
For more than 10 years the Nasdaq has been trading in an obvious rising channel formation and retested the lower support the last time in 2023. This retest was followed by an expected 65% pump. Considering that Nasdaq is now retesting resistance as mentioned in the analysis, I do expect a short term pullback to retest the next support level below current market price.
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I will only take a trade if all the rules of my strategy are satisfied.
Let me know in the comment section below if you have any questions.
Could it be likely that the NFP is a catalyst to trigger the retracement? Nvidia is also slowly reaching its limit. The signs would be there for a correction in my opinion.
basictradingtv
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@johnny963, Yes, but NFP alone won't do it... It always takes some time for a market to reverse!
johnny963
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Yes of course, I mean the start of the reverse. I‘m looking for a Swing from above 18 to close to 16.
cynosure_kkk
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I am new to TA, plz bear with me. What are the chart setting, especially the scale, when i am in Monthly timeframe, i see entirely a different pattern/chart setup. I dont understand.
SaddleBags26
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@cynosure_kkk, alt+L to switch to a logarithmic scale
Onur35
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Sell in May may start early in the beginning of April then continues going up in June. But we don't have a crystal ball unfortunately.
basictradingtv
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If you also think that we will see a retracement now, smash that "Like" button! Keep your long term vision!