hope you lot are blessed and are having a great day where ever you are!
so my current take on nas100 is as follows :
1. about two weeks back we broke through the neckline of the daily double bottom and we have been in a range for the whole of last week as seen by the rectangle
2. at yesterdays new york open the market showed signs of being strongly bearish because of the large bearish candlesticks on higher timeframes and a breakout on an upward trendline
3. another confluence is that a head and shoulder pattern formed on the H4 and it's neckline has been broken so there is a high probability that market will tank down
4. entry will be at the retest of the range/head and shoulders and stop loss a few pips higher than the recently broken structure and lastly take profits at the level which was previously used as support
those were my reasons of confluence so there is a high probability of my analysis playing out but i will make sure to update my analysis if need be, God bless!!
so my current take on nas100 is as follows :
1. about two weeks back we broke through the neckline of the daily double bottom and we have been in a range for the whole of last week as seen by the rectangle
2. at yesterdays new york open the market showed signs of being strongly bearish because of the large bearish candlesticks on higher timeframes and a breakout on an upward trendline
3. another confluence is that a head and shoulder pattern formed on the H4 and it's neckline has been broken so there is a high probability that market will tank down
4. entry will be at the retest of the range/head and shoulders and stop loss a few pips higher than the recently broken structure and lastly take profits at the level which was previously used as support
those were my reasons of confluence so there is a high probability of my analysis playing out but i will make sure to update my analysis if need be, God bless!!