NASDAQ - Correction Due?
Nasdaq is on a really impressive run, gaining over 80% in less than 2 years/
As with all good things, they must come to an end... for a short period of time atleast = correction.
This diagonal is a typical pattern for a reversal. Unlikely that we'll see a big reversal so it could be just a bearish correction for the next move higher. We have some structure levels present where we'll be reviewing what comes next once we reach them.
Trade Idea:
- Watch for signs of bearish reversal
- Our confirmation will be the break of the red trendline
- Once broken, enter with stops above the highs
- Targets: 17k, 14k, 11k
It's unlikely that we'll reach 11k so do actively manage your positions if entering shorts.
Goodluck and as always, trade safe!
As with all good things, they must come to an end... for a short period of time atleast = correction.
This diagonal is a typical pattern for a reversal. Unlikely that we'll see a big reversal so it could be just a bearish correction for the next move higher. We have some structure levels present where we'll be reviewing what comes next once we reach them.
Trade Idea:
- Watch for signs of bearish reversal
- Our confirmation will be the break of the red trendline
- Once broken, enter with stops above the highs
- Targets: 17k, 14k, 11k
It's unlikely that we'll reach 11k so do actively manage your positions if entering shorts.
Goodluck and as always, trade safe!
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