Navigating Market Trends: Nasdaq Retracement Signals

I am currently observing the US100/Nasdaq on the 4-hour chart, and in my analysis, it appears that we are poised for a retracement lower. This week, there was a rejection from the weekly rejection block dated July 23, 2023, situated in the upper quadrant. 📉

There is a noteworthy weekly correlation with ES/US500 from August 28, 2023, to the present week. While Nasdaq managed to surpass the previous high, ES fell short. Consequently, I anticipate a downward movement. If today's candle closes below 15905, we would establish a bearish order block, adding another layer of confluence for a potential retracement lower. 📊

Upon examining the 4-hour chart, there seems to be a developing breaker formation. If this breaker takes shape and the market tests it tomorrow or in the coming week, it could present lucrative selling opportunities with a favorable risk and reward ratio. 💰 #MarketAnalysis #TradingInsights #TechnicalAnalysis #FinancialMarkets

Comment:

daily candle didnt close like i want to see it so am waiting for more confrimation

Trade active:

change of character done 15 minutes lets see how it goes

Comment:

up one R, lower time frame gave nice rr

Trade closed manually:

Initially it give nice one r bt with After Jerome Powells Comments signalling the Feds work is Nearly done with Inflation, am out at breakeven