NQ1! NAS100USD NASDAQ 2023 AUG 07

NQ1! NAS100USD NASDAQ 2023 AUG 07

Last week, Short from 15904 resistance was good.
On weekly TF, market has closed below trend line.
Watch market's reaction to the trendline.

Possible Scenarios:
1) Short on retracement / rejection of 15511 level
2) Market does a spring and returns into rotation (grey box area), and target
can be 50% of rotation range, or trial to upper boundary of rotation

Price Reaction Levels
Short on Test and reject | Long on Test and Accept

16029 - 15904 15511 15118
*Longer term: 13350 needs to be supported for long trend to be intact.

Price/Volume/Trend Analysis:
Weekly: NTC Ave vol down bar, and bar also closed below weekly trendline
Daily: NTC ave vol down bar | Lower High
*NTC = Non-Trend Changing | PTC: Potential Trend Changing

Like and follow if you find this useful | *For education purpose only.
Have a profitable trading week.