In my previous analysis i posted a nice bear flag
for the Nasdaq', which played out quite well at first, it broke and accelerated down towards that big support around 6600. But eventually buyers stepped in again and pushed the price up, even inside the flag again. There i mentioned that if that resistance would break, it probably meant something else is going on. Since that moment it simply kept on rallying up to the 7000ish.
The past week it has been moving up and down again and from the looks of it, it is making a double top
here. Similar to the yellow circle. When zooming in i am trying to get an entry here. I have 2 options,
- It breaks that green support quickly, invalidating that small bull flag
- It moves a bit higher and makes a small bearish wedge
One of these two have to happen, otherwise i will stay on the sidelines.