NAS100 │ NASDAQ 100 │ 26 -30 August 2024

23 ago

- Daily timeframe [long term timeframe]
We just broke bullish structure so a pullback is in the horizon. This means a little bit of bearish price action in the meantime. Will it be into discount? I don’t know we have a huge imbalance that will try to act as support
• Bullish bias


- Four-hour timeframe [medium term timeframe]
We’ve seen a bearish break of structure, confirming the imminent daily pullback. The market strong rejected the supply zone responsible for this break of structure. An immediate target is the four-hour weak low.
• Bearish bias


- 15-minute timeframe [short term timeframe]
This timeframe’s structure has aligned with the four-hour timeframe bearish structure, further boosting the confidence that the market may want to correct.
• Bearish bias


How do I come to a bias conclusion?
I look at the swing structure; if it is bearish, I conclude a bearish bias [vice versa]

©Austin Palmer for FONOS Fx, 2024.