From a weekly perspective, price is approaching a zone which was previously manipulated. The manipulation is clear on the weekly tf, my entry is taken from the 4hrs tf. Expecting price to hit my entry and reverse as usual.
According to the chart, I expect a recovery on Monday, but there could be a red candle again on Tuesday.
So if there is no closing price above 15520 next week, then the low of last week will be undercut.
The target by the end of September is 15100.
Weekly: Monthly support Rejected, although V spike was made, current weekly bar broke out of the support
Daily: Formed and Umbrella a continuation Pattern
4hr/2hr:Made a Flag at Broke Weekly support, at-least we are forming LH and LL, wait for break of current Low for a Follow through
Risk Management is the key because Indices spike so fast that if care not...
Price broke the support, coming for retest it took out SLs of traders who were waiting to short, if the current 1 hr will remain below this current structure, i will placing a pending order waiting for mitigation
Update to Idea ... Nasdaq broke structure and started with its fall today. Current technicals point to a short 'respite' which may see it recover some lost ground, but Nasdaq has more or less started its deep dive due to the following factors:
1. End of Earnings season. (Usually the majors see rotation post earnings)
2. Delta, Mu and the New South African unnamed...
Has the Nasdaq completed an AB=CD formation. Prices and momentum say yes. I shorted between 15250 and 15390 based on my wave analysis (see previous publishing). If this formation is complete the next target is the low of C (14715)
The move we might see for today
We will wait for break of Structure and retest for the sell.
Expected zone is the daily support based on previous days.
Use candle stick confirmation and manage risk
This is a idea and not a signal so please use your own analysis and judgement