I've posted an analysis with a bullish bias (represented by the grey annotations, visit my profile to see the chart and my thoughts in more depth), however the pink annotations relate to this analysis, which has a bearish bias. I've done this analysis on the weekly/daily TF and a bullish channel is clearly visible. The pink zones are the areas which i see price visiting should it fail to break the ATH. If price respects the black trendline and breaks through the ATH zone, then i see price rallying upwards for a while. However, due to the volume of US fundamentals being released this week, it could very well break through the trendline and head downwards into the channel.
Honestly, i'm not sure what will happen. NAS tends to move erratically in response to news.
We shall see. Updates to follow, follow me to see them.
Honestly, i'm not sure what will happen. NAS tends to move erratically in response to news.
We shall see. Updates to follow, follow me to see them.
Comment:
Price has still respected the trendline, even with FOMC. A correction is definitely due. I'll be positioning myself for a sell soon.
