NASDAQ at all time highs...reversal pending? 🏔
HTFs - Overall expanding formation seen on the daily and weekly time frames. Price has already broken significant highs, all time highs in fact and has broken somewhat correctively. An ascending channel pattern extension has formed following the upside break and at the 3rd touch of the larger expanding formation |
LTFs - The ascending pattern extension looks to have clean wave structure with the middle section followed by a 5 wave ascending channel just breaking the double top creeping up to the 3rd touch completion area. From a psychological standpoint, typical scenario of buying highs could have people caught on the wrong side of the market |
ENTRY - Although there are a lot of confluence factors stacking up in favour of the short, I don't fancy trying to call the top of this as price can just keep going. Cool to wait for the market to turn around first before jumping in unless there is a clear reversal pattern at the 3rd touch
LTFs - The ascending pattern extension looks to have clean wave structure with the middle section followed by a 5 wave ascending channel just breaking the double top creeping up to the 3rd touch completion area. From a psychological standpoint, typical scenario of buying highs could have people caught on the wrong side of the market |
ENTRY - Although there are a lot of confluence factors stacking up in favour of the short, I don't fancy trying to call the top of this as price can just keep going. Cool to wait for the market to turn around first before jumping in unless there is a clear reversal pattern at the 3rd touch
Feragatname
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