Hey traders. Nasdaq had broken the bearish trend at 12392, we should see how the next resistances might be broken, first bouncing between them and then breaking out the resistances.
To confirm the uptrend, Keep in mind how the prices should be stopped on the resistances and the break up the resistances that I have plotted in the chart. Otherwise, we might stay bearish for a while. Also, don't forget the Pivot Point level, the prices should stay on the pivot point level.
Checkpoint uptrend. The prices should be bouncing at 12392 or lower until the week pivot point level, without breaking down.
The analysis is based on a Fibonacci retracement, pivot point levels, and trendline.
To confirm the uptrend, Keep in mind how the prices should be stopped on the resistances and the break up the resistances that I have plotted in the chart. Otherwise, we might stay bearish for a while. Also, don't forget the Pivot Point level, the prices should stay on the pivot point level.
Checkpoint uptrend. The prices should be bouncing at 12392 or lower until the week pivot point level, without breaking down.
The analysis is based on a Fibonacci retracement, pivot point levels, and trendline.
Comment:
Hey traders, the final retracement could be at 12029 (61% fib) or 11786 (78% fib). The last uptrend needs to make retracement and for now, it has been at 23% fib, so it needs to go down for retracement and then go higher
