Hi everyone!
I have got a quick update since I last posted about a week ago. We are still underway going through the fifth wave and looking for the Nasdaq to hit one or more of our potential targets. We hit the first target of 13990 at Fibonacci level 0.618. The next target is 14315 at the Fibonacci level 1 and our last potential target is 14850 at Fibonacci level 1.618.
I still believe the Nasdaq has a great possibility of hitting the top Fibonacci level at 14850, but let's take it slow and look at the next target for now.
There are multiple other Fibonacci levels on the way to our target which we can use to get good entries and sell at possible resistances. The yellow line is parallel made from the top of wave 1 and 3 and the bottom of wave 2 and 4. This is a very strong uptrend channel and we should look to buy at the bottom of the yellow line if it holds as resistance.
I sold all my positions in Nasdaq last night at nearly 13990 and I'm currently expecting a very short and small correction or maybe just a consolidation before we can continue the uptrend. I will open a small position if it reaches fib level 0.5 and holds and I would put it in a larger position if it manages to hit the bottom of the yellow line, which is the strongest possible resistance level for Nasdaq at the moment (IMO). It also seems like the 200 moving average would line up nicely with the yellow uptrend channel if it were to hit the level in a few days:)
Good luck to everyone and I will update this post when I buy, sell or reduce my positions.
I have got a quick update since I last posted about a week ago. We are still underway going through the fifth wave and looking for the Nasdaq to hit one or more of our potential targets. We hit the first target of 13990 at Fibonacci level 0.618. The next target is 14315 at the Fibonacci level 1 and our last potential target is 14850 at Fibonacci level 1.618.
I still believe the Nasdaq has a great possibility of hitting the top Fibonacci level at 14850, but let's take it slow and look at the next target for now.
There are multiple other Fibonacci levels on the way to our target which we can use to get good entries and sell at possible resistances. The yellow line is parallel made from the top of wave 1 and 3 and the bottom of wave 2 and 4. This is a very strong uptrend channel and we should look to buy at the bottom of the yellow line if it holds as resistance.
I sold all my positions in Nasdaq last night at nearly 13990 and I'm currently expecting a very short and small correction or maybe just a consolidation before we can continue the uptrend. I will open a small position if it reaches fib level 0.5 and holds and I would put it in a larger position if it manages to hit the bottom of the yellow line, which is the strongest possible resistance level for Nasdaq at the moment (IMO). It also seems like the 200 moving average would line up nicely with the yellow uptrend channel if it were to hit the level in a few days:)
Good luck to everyone and I will update this post when I buy, sell or reduce my positions.
Comment:
We just hit the yellow support line and fib level 0.5 as predicted. I just closed my shorts and replaced them a long position. A medium-sized position.
Now we look towards the next potential target of 14315 at fib level 1.
Now we look towards the next potential target of 14315 at fib level 1.
Comment:
Looking to buy more positions this monday if Nasdaq hit the yellow line and fib level 0.618, which also is lining up with MA 200
I just placed a small short position.