Going short on the Nasdaq 100

15 May

US100

The Nasdaq 100 has moved up impulsively on a 5-wave move over the past 6 weeks, which is very bullish long term. However, in the short term, it is overextended, with the RSI indicator over the 70 level.

I expect it to decline over the next couple of weeks to the area marked in the green rectangle, between the 50% and the 78.6% Fibonacci Retracement level.

I hope you find this interesting.

Good luck to you

16 May

Not

VIX (Cboe Volatility Index) is approaching critical support, and it is showing bullish RSI divergence. It should start climbing soon.

21 May

İşlem elle kapatılmış

I'm closing with a narrow gain here.