Classic bull trap pattern in Nasdaq?
I've been travelling a lot recently (Just got home yesterday) and so have not been fully following everything that's been happening. Mainly just following SPX.
SPX (And DJI) both look more bullish but it's interesting that we've seen everything hit resistance levels at the same time (Yesterday) and then have the strong rejections.
The question now becomes is this a standard bear trap off resistance or have we started something bigger?
Nasdaq currently has a high on the 76 and is a bit of a retracement in the EU session. Bears need to see a breaking of the 61 and from there hitting the 50 is usually quite easy.
That's where a big decision is to be made if we get there. It's a spot I'll probably try for a long (Just based on the RR) and also would be a really big failure point for the bull trend.
Failure of the 50 fib gives a real chance of a breaking of the low of the previous drop. And if that happens, then we have a true case for us being in Elliot wave 3 of a drop.
Which is when things would really get interesting. We'd be heading into a big skill edge market then.
SPX (And DJI) both look more bullish but it's interesting that we've seen everything hit resistance levels at the same time (Yesterday) and then have the strong rejections.
The question now becomes is this a standard bear trap off resistance or have we started something bigger?
Nasdaq currently has a high on the 76 and is a bit of a retracement in the EU session. Bears need to see a breaking of the 61 and from there hitting the 50 is usually quite easy.
That's where a big decision is to be made if we get there. It's a spot I'll probably try for a long (Just based on the RR) and also would be a really big failure point for the bull trend.
Failure of the 50 fib gives a real chance of a breaking of the low of the previous drop. And if that happens, then we have a true case for us being in Elliot wave 3 of a drop.
Which is when things would really get interesting. We'd be heading into a big skill edge market then.
Komentar
Extrapolated trade plan (New post).
Komentar
First top and first break made.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.