Hello Traders and Investors, today I will take a look at the Nasdaq.
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Explanation of my video analysis:
For over a decade the Nasdaq has been trading in a pretty obvious rising channel formation. We saw the last retest of support in 2022 which was followed by an enormous +70% rally towards the upside. Considering that the Nasdaq is now retesting the upper resistance, there is a quite high chance that we will see at least a short term correction lower before the Nasdaq will follow its overall uptrend.
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Keep your long term vision, Philip (BasicTrading)
Comment
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Actually also NDQ is perfectly following the prediction mentioned in the analysis.
Just be patient and focus on the higher timeframes - setups will eventually come:
Indeed, Nas100 should correct. However, as you pointed out in your video, in 2020 the price broke above the resistance of the more than a decade-long channel and could do the same this time.
On a daily timeframe, the price is consolidating within a 500-point range, and for a confirmation of correction, it needs to break below the 17800 zone.
On the other hand, a break above the all-time high (ATH) could lead to upward acceleration and a breakout above the long-term channel.
basictradingtv
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@Mihai_Iacob, You are absolutely right - either way moves possible, we just need confirmation!
VladimiroSilva
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Do you think NAS will go back to 18400 or 1800 before falling to 16000
basictradingtv
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@VladimiroSilva, Honestly I don't know when we will see the drop - we could definitely see another retest of the resistance first