4hr Descending Channel
4hr Double Bottom
200ema as ceiling
Descending channel broken on 4hr
Break and close above both 23.6% fib levels
Close above 200 4hr EMA
Confirmation of double bottom if price breaks previous lower high @ 11,200.
Target 61.8% 4hr fib for around 500 points
Close back below both 23.6% Fib...
Simple charting makes opportunities easy to spot. Looking for Nas to continue it's downward momentum today and create its low of the day between 2:30 and 4, once the low has been creating and there is some reaction around the level shown, I will be looking for an entry.
Idea for Nas today, approaching key level of resistance and retest region, in line with fundamentals surrounding a strengthening dollar and likely selling of Tesla today after the Tesla news yesterday. Will be waiting for rejection to get a good entry.
Following on from yesterdays Nasdaq100 sell that is playing out perfectly, I'm now looking at some of these lows to be cleared and to see some buying coming back in. Although nasdaq100 has broken out of its upward channel, I really doubt we're going to see too much more selling, just an idea for now. Will update if price gets to my region.
=> Tendency: BULLISH
=> Technicals: Pullback and retesT.
R:R = 1:3.5
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Have we seen the 'top'?
Is this the 2nd 'big crash'?
It depends what kind of trader you ask. A fundamental trader will say yes, however a technical will say no, and here's why.
A usual retracement within a trend is to the 61.8% fib level. As you can see, Nas did this perfectly.
If we check out the daily timeframe, it didn't break structure either, continuing...