58k down to 52-50k here. Correction will deepen before a larger push as people take profit off the table.
Same here but I want you to focus on them previous wicks highlighted. That's why we revisited, because this is where the liquidity was stored. Just slightly above the 61.8
Exact same, 61.8% pullback to the daily support area to grab some liquidity. Target just a key psychological number
Very similar across board here but with this particular pair got more confirmation of bullish intent as we failed to close below the ascending trend line. Again just needs to break the pink area
Big pullbacks to the 61.8 and daily resistance here bought on the spike, and shared with our members, all we need to do is clear the pink consolidation area.
Would like to see it go slightly higher to my area of confluence first.
Long term descending channel as well higher but have hidden it to reduce confusion. pretty clear here when I say choppy I mean with the wick spikes.
Do think 15k could be the end of the road for Nas. Nice clean number before a substantial drop. We need to come back and grab some liquidity first though! All depends on how many have orders set at the previous all time highs.
Long term bullish structure on weekly and daily still valid here dating back to July 2020. Wait for confirmation
Daily timeframe we've got the potential H&S which lines up perfectly with the 61.8% fib level from the highs at 153.400 down to the current lows. Now on the 4hr, we have a very slight descending channel which price needs to break before we go higher but the important thing support the bullish bias here is that the ascending trend line was respected, as was the...
2 scenarios here. Either the H&S plays out and we form that right shoulder or we blast through and go back to 1.60.
Mindful of the rising wedge and monitor how the 4hr closes on the support
Note on the daily still bullish MS as well as having the 800ema bang on our 4hr support. Add that to our Fibonacci area and trend line touch and this looks banging.
Again, about the confluences. If you don't have confidence in a trade, how do you expect to hold it? So lets count them: Bullish Market Structure (MS) with the Ascending channel creating higher highs and lows Daily Support 61.8% Fib on the most recent swing 200 EMA 800 EMA (not often these 2 are together) Key Psychological number (1.80) Fundamentals also support...
Lets count the confluences, we want at least 3 in our favour and no more than 1 against. Positive confluences: 61.8% Fib Top of descending channel 4hr Resistance Head and Shoulders (right shoulder) 4hr 200EMA 1hr 800EMA Negative confluences: DXY has dropped to support, keeping an eye on this.