NASDAQ - DAILY MARKET UPDATE
Nasdaq
Situation in the lower timeframe:
Basically we can say that a wave iv can correct a wave iii between 38.2 - 50% (yellow box)
In addition, there is also the possibility that the 61.8 retracement can act as a support (red box)
-> A break below 61.8% would mean that I have to adjust my setup.
If the bulls don't show strength here, then we could see further selling pressure all the way back to the 13100 region. The bulls must succeed in overcoming 13818. Then we can assume that it is a wave [iii] and not a corrective movement. Until then, there is still a risk of a sell off. So if the bulls start the next week of trading weak and don't break anything today, i expect another sell off.
I am still bullish!
H4:
H1:
Situation in the lower timeframe:
Basically we can say that a wave iv can correct a wave iii between 38.2 - 50% (yellow box)
In addition, there is also the possibility that the 61.8 retracement can act as a support (red box)
-> A break below 61.8% would mean that I have to adjust my setup.
If the bulls don't show strength here, then we could see further selling pressure all the way back to the 13100 region. The bulls must succeed in overcoming 13818. Then we can assume that it is a wave [iii] and not a corrective movement. Until then, there is still a risk of a sell off. So if the bulls start the next week of trading weak and don't break anything today, i expect another sell off.
I am still bullish!
H4:
H1:
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