Hey traders, Nasdaq has broken an important resistance at 12661, signaling the downtrend is almost over "but", tomorrow we might be in the middle of the downward for some days or maybe just 1 day. (Target Between S1-S2)
The reason: The last upward had broken the resistance at 12661 and tomorrow it might start the retracement, until 11906, fib 78%. and then the prices will go higher between bands. Important if the prices break down under the 11906, the prices will go lower and it might be the continuation of a downtrend.
Looking at the big picture, I have plotted in the chart, the important resistances that the price should break up, continuously bouncing between them, including the intraday pivot points band. Please check the trend, and go with the trend, bouncing and breaking in the same direction up or down is the key to confirming the trend direction.
The big picture analysis will be active for a while, "but" if the prices go lower than the 11687 I might need to recalculate all the resistances levels.
The market has the last word.
The reason: The last upward had broken the resistance at 12661 and tomorrow it might start the retracement, until 11906, fib 78%. and then the prices will go higher between bands. Important if the prices break down under the 11906, the prices will go lower and it might be the continuation of a downtrend.
Looking at the big picture, I have plotted in the chart, the important resistances that the price should break up, continuously bouncing between them, including the intraday pivot points band. Please check the trend, and go with the trend, bouncing and breaking in the same direction up or down is the key to confirming the trend direction.
The big picture analysis will be active for a while, "but" if the prices go lower than the 11687 I might need to recalculate all the resistances levels.
The market has the last word.
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