The Nasdaq does not look done to the upside. Momentum indicators confirm new highs. This shifts odds towards the black scenario. Nevertheless, the double-three combination remains possible. It is highlighted in red. Basically, the correction gets extended sideways within the red scenario. Sentiment readings are not signaling towards short-term overcrowded conditions.
All in all, we remain short-term bullish until the yellow channel gets penetrated to the downside. A penetration of the yellow trend channel from the current wave structure most likely results in another “buy-the-dip” setup with an attractive risk/reward.
All in all, we remain short-term bullish until the yellow channel gets penetrated to the downside. A penetration of the yellow trend channel from the current wave structure most likely results in another “buy-the-dip” setup with an attractive risk/reward.