The current structure indicates we have a rising wedge pattern in development.
I am expecting a break of that pattern to the downside as marked on the chart.
We have clear divergence in MACD indicator which supports my idea.
You can enter when the price will make new high or on a breakdown of the pattern.
25th December 2018. In country not so far away.
J: " Merry Christmas Mr. President!"
T: " Merry Christmas Jerry !"
J: " You look thoughtful Mr President. Is everything ok with your family ?"
T: " Everything is okay at home. The problem is that you crashed the markets with the rate hike and the light dovish talk at the last FED meeting. You know how important is ...
-again strong momentum would be going against. - -currently no trade -
-short below mean rev line
-otherwise the breakout start from that line
-technically within a range day if under line
-best case it's a scalp or get chopped on line
Technically it is possible that the pressure below 6750 will remain as the pricing near the 60-day average in Nasdaq gets closer to the downtrend. In a withdrawal, 6450 indicates a significant support level to watch first. If the downtrend is broken, attention will be turned to the 6850 resistance.
For the past 13 months, NAS100 has stayed about the 6200-6300 supply zone to maintain an overall bullish trend.
However, since this level has been broken, it could simply mean that the bull is out of steam and the bear is taking charge now.
This can be further confirmed by the recent appreciation of some of the safe haven asset such as gold and Swiss franc.
My previous gold call worked out perfectly, check that out if you're curious. As for NASDAQ, I'm bearish, I think we have more correction to come. BUT here's some reasons to take some profit if you're short, or open a small long depending on your time frame.
1) 2 Fib levels that I've labeled in green.
2) A solid previous low AND high shown with ...
It's late so I'm throwing this up quickly before market open. I'll update it later. My last chart worked out perfectly, we bounced off of a 0.5 retracement from 3.9k in early febuary 2016. I think we have at least 1-2 more days of upside on NASDAQ. My zones are defined on the chart. We bounced exactly on my teal support zone as predicted in my last Nasdaq chart, ...
Have a look at the daily bullish engulfing candle that formed yesterday. you can trade this pattern as well which comes more or less to the same entry as buying above the top of the corrective structure (see below)
We saw an impulsive looking upmove. Now we are in 1h correction and waiting for a potential breakout.
Buy above the corrections high or above the ...