Early Bearish Reversal Signal; Pending Confirmation | $NASDAQ

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I built this chart yesterday as of the first early bearish reversal signal received, however, a bearish market reversal confirmation remains pending at this time. Two potential bearish targets remain unconfirmed at this time as well (not shown as of yet in this chart), until the confirmation signal occurs.

For the time being, we are expecting a relief rally into the levels defined in the chart.

First, there is a potential overhead resistance existing at 72.95 which can potentially become a reversal level for price. However, considering the sustained bearish push of late, we expect a loftier relief rally into our EAGLE's nest, defined by the 74.66 to 74.11 range. A transgression of that range should concern bears, although the last overhead resistance rests at 75.28, defined as our last "bear tolerance".

Once we receive a bearish market reversal confirmation, we will refine our analysis and define our target aims. Until then, we are likely to witness a relief rally as described above.


David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
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Disclaimer: Forecasts, analyses and opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
David Alcindor
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