Hello Traders!
This trade is active as I see the US100 able to close the liquidity gap.
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Similar to Dow Jones, the Nasdaq is heading to our initial target of 16,956.
Also formed a Cup and Handle. Also above the 200MA.
Also moving based on the fundamentals of weaker US dollar and slow down in interest rate hikes.
Also, with AI tech and EVs taking over control with many different companies in some ways or another, we can expect the tech boom going...
Extended W Formation has formed on Nasdaq.
SImilar to Dow Jones.
They seem to be leading indices which could drive up the JSE ALSI 40 along with it.
We need to bne open minded for potential change ahead but trade according to what we SEE rather than what we feel.
Other indicators are showing upside to come.
7>21>200
RSI>50
Price breakout downtrend
Target 16,500
Looking at the bigger timeframes (TF) Nasdaq looks like it broke the downtrend starting the movement to the upside.
Confluences:
1- MACD giving buys signals
2- Moving averages about to cross to the up side (4H)
3- Price is currently at 0.38 fib level (daily) which for me indicates the end of retracement.
