NAS will lose selling momentum eventually. It has currently established a price structure and will look to break this green box by eventually bouncing off the support. From here we can expect a buy.
Predicted downward trend, now believe it could bounce off red support into upward trend. However, if it breaks red support it could fall a lot as there are no respected supports beneath that.
I believe it will remain between the purple resistance and support, but the triangle means that if it were to be broken, we could expect it to shoot upwards or down to a nearby resistance. The reason I would expect it to go up more is because the long term support is close so it could go away from that. However as there is no strong trend currently I do not...
We have a strong resistance zone which is the red box.
We have an upwards triangle.
Together I believe this results in a sell to the long term support which is around 300 pips.
