NASDAQ is trading within a downtrend channel
CURRENCYCOM:US100
đź“Ť After reaching the record high level around 12500.00 investors are taking their profit because of fear about the economic slow and and doubt over economic rebound
đź“Ť Currently the price is below the 11000.00 key psychological level. Ahead of the US presidential election everyone had a doubt over who is win the election and how they will impose new tax on corporate sector
đź“Ť US100 is trading in a downtrend channel. And series of HH LL LH LL patterns forming. And approaching towards the lower side of the major trend line we can expect a minor rebound from this level
đź“Ť Within this downtrend channel series of bearish flag patterns are formed which is a clear sign of bearish trend
đź“Ť In Elliot wave theory The 3rd minor wave is forming within the major third wave. The 2nd major wave was clearly closed at 61.8% of the 1st wave
đź“Ť Recently the tech shares are in decline phase which in turn the US100 is falling as the tech shares the major movers
đź“Ť The price was felled below the 50,1001200 exponential moving average the Ichimoku cloud is acting as resistance for the bull
đź“Ť If the price moved above 11840.00 level then the bearish trend got invalidated 11840.00 is a 50% Fibonacci level
đź“Ť MACD is in red zone and oscillators are pointing towards bearish trend. But in RSI the strength is slowly fading and we can expect minor rebound up to RSI-50
đź“Ť The next bearish target would be 10310.00 which is a July low level. In alternative case the target would be 10800.00
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
đź“Ť After reaching the record high level around 12500.00 investors are taking their profit because of fear about the economic slow and and doubt over economic rebound
đź“Ť Currently the price is below the 11000.00 key psychological level. Ahead of the US presidential election everyone had a doubt over who is win the election and how they will impose new tax on corporate sector
đź“Ť US100 is trading in a downtrend channel. And series of HH LL LH LL patterns forming. And approaching towards the lower side of the major trend line we can expect a minor rebound from this level
đź“Ť Within this downtrend channel series of bearish flag patterns are formed which is a clear sign of bearish trend
đź“Ť In Elliot wave theory The 3rd minor wave is forming within the major third wave. The 2nd major wave was clearly closed at 61.8% of the 1st wave
đź“Ť Recently the tech shares are in decline phase which in turn the US100 is falling as the tech shares the major movers
đź“Ť The price was felled below the 50,1001200 exponential moving average the Ichimoku cloud is acting as resistance for the bull
đź“Ť If the price moved above 11840.00 level then the bearish trend got invalidated 11840.00 is a 50% Fibonacci level
đź“Ť MACD is in red zone and oscillators are pointing towards bearish trend. But in RSI the strength is slowly fading and we can expect minor rebound up to RSI-50
đź“Ť The next bearish target would be 10310.00 which is a July low level. In alternative case the target would be 10800.00
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
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