Nasdaq still moving up. We had a nice rebound from the bottom of the (steep) yellow channel. We just hit first major resistance: top of the blue channel. Even if price hits the next resistance - top of the yellow channel - we will probably observe a price to indicator divergence.
Momentum is still quiet strong... and don't forget that this is a weekly chart....
A SHS formation in the Nasdaq Composite with a well defined neckline.
Measured target 3600 where structural support is found in the middle of 2 gaps....
(One being closed - the other to hold as gap support)?
Daily RSI at 48,.53
Neckline has to break first!!!
Safe trading ladies and gents!
BM
Music at work:
open.spotify.com
www.youtube.com
A SHS formation in the Nasdaq Composite with a well defined neckline.
Measured target 3600 where structural support is found in the middle of 2 gaps....
(One being closed - the other to hold as gap support)?
Daily RSI at 48,.53
Neckline has to break first!!!
Safe trading ladies and gents!
BM
Music at work:
open.spotify.com
www.youtube.com
Bit far fetched, but many indicators come into one play of forming a top in May. Point by point
1) After edging up on the sale support as before after making a new high, Nasdaq composite gives room for a head and shoulders formation. Top would be in May if this holds true.
2) RSI, Stoch and MACDcan all be traced with following the patterns to top in may should...
Nasdaq Composite is overbought and has reached resistance area.
Time to play the wave (4) on the short side before the last up wave that
should bring the index back to its high of 2000 for a massive double top
formation of wave (5) V.
This is a chart I published a month ago predicting a significant correction in global markets. The next two weeks are critical in determining in which type of market we will be in for the rest of the year. A significant decline in emerging markets is already happening. Social unrest is rearing its head in many countries. These are not the signs of a bullish...
Note: See previous posting on 2000 NAZ top....several similarities between 2000 NAZ top and this 2014 possible top.
Note (Feb 22, 2014): Ok folks, think I figured it out...will publish in a separate chart, but the above title "NAZ TOP ON JAN 22, 2014???" was off by 1 month...am now thinking the primary top in this bull happened yesterday Feb 21, 2014 (yesterday)...
