Hi Guys,
The Nasdaq looks ripe for selling , but patience in waiting for the right sell setups is the key with shorting this market or any market for that matter.
There is a Gartley bullish pattern developing on Nasdaq almost complete with almost perfect fib ratios and the entry point coincides with the 1.27 retrace of the most recent daily swing high to the low that was taken out yesterday. Also the AVWAP ( black line)from the 5/1/24 low is right in that same region and if used for support could see a very strong move from it.
I will look to see if any candlestick or chart patterns appear around the entry of the pattern but I personally think we will find support at the next swing low and the 50ma.
I would really like to see a break of the high because just north of that are some really sellable zones. Wether we get a rally strong enough to do that remains to be seen.
The US 500 is also making the same pattern on its chart , though to hit the 78.6 entry point it has to fall a lot further than the nasdaq.
Safe trading all
The Nasdaq looks ripe for selling , but patience in waiting for the right sell setups is the key with shorting this market or any market for that matter.
There is a Gartley bullish pattern developing on Nasdaq almost complete with almost perfect fib ratios and the entry point coincides with the 1.27 retrace of the most recent daily swing high to the low that was taken out yesterday. Also the AVWAP ( black line)from the 5/1/24 low is right in that same region and if used for support could see a very strong move from it.
I will look to see if any candlestick or chart patterns appear around the entry of the pattern but I personally think we will find support at the next swing low and the 50ma.
I would really like to see a break of the high because just north of that are some really sellable zones. Wether we get a rally strong enough to do that remains to be seen.
The US 500 is also making the same pattern on its chart , though to hit the 78.6 entry point it has to fall a lot further than the nasdaq.
Safe trading all