Looking at NASDAQ on the bigger timeframe, we can see that the price just reached the upper trendline of the weekly descending, which is also the 200% Fibonacci Extension level, hence we should keep monitoring this area as any pullback could be a great short opportunity.
Additionally, on the 4H timeframe, the price is trading inside a rising wedge inside a bigger ascending, and breaking the rising wedge will push the price towards retesting the lower band of the ascending formation or channel.
If the price also breaks the ascending channel you're seeing in yellow, we can capitalize on a beautiful short opportunity targeting 13000 as our first target. Breaking 13000 will push the price for further downside towards retesting previous lows such as 12086 and 11489 in the long run.
Don't forget that all economic data are indicating the start of a recession, and combining such economic data (inflation, unemployment, negative GDP etc...) with the ongoing political unrest just makes this scenario more and more valid. Goodluck, everyone!
M.Y.
Additionally, on the 4H timeframe, the price is trading inside a rising wedge inside a bigger ascending, and breaking the rising wedge will push the price towards retesting the lower band of the ascending formation or channel.
If the price also breaks the ascending channel you're seeing in yellow, we can capitalize on a beautiful short opportunity targeting 13000 as our first target. Breaking 13000 will push the price for further downside towards retesting previous lows such as 12086 and 11489 in the long run.
Don't forget that all economic data are indicating the start of a recession, and combining such economic data (inflation, unemployment, negative GDP etc...) with the ongoing political unrest just makes this scenario more and more valid. Goodluck, everyone!
M.Y.