Slight corrections and even big corrections are part of the market, but never should we dismiss the fact that where the market tends to go it will reach and nobody can stop it, unless someone is Gorge Soros of our days. These are reasons why I believe Nas100 will continue to rise (refer to snapshot below):
1. After making a double bottom at around 14400 psychological level price quickly bounced up, breaking the neckline.
2. Before price reversed, bulls and bears battled, in a consolidation state, price formed a descending wedge, falling wedge whatever we can call it. This for me was a sign of trend reversal. Bears failed to violated the 14400.00 psychological level giving the battle to the bulls to take control.
3. Pull-backs can be expected but this is the battle that belongs to the bulls. I on my part I expect price to continue to rise just keeping in mind the trendline ahead of price where sellers might be defending price, but in overall Nas100 is bullish.
I wish everyone a great trading week.
Do not forget to show your support by liking this idea. It motivates me to continue sharing. To benefit fully from all my ideas, do make sure to follow so you get all the updates and not miss any.
1. After making a double bottom at around 14400 psychological level price quickly bounced up, breaking the neckline.
2. Before price reversed, bulls and bears battled, in a consolidation state, price formed a descending wedge, falling wedge whatever we can call it. This for me was a sign of trend reversal. Bears failed to violated the 14400.00 psychological level giving the battle to the bulls to take control.
3. Pull-backs can be expected but this is the battle that belongs to the bulls. I on my part I expect price to continue to rise just keeping in mind the trendline ahead of price where sellers might be defending price, but in overall Nas100 is bullish.
I wish everyone a great trading week.
Do not forget to show your support by liking this idea. It motivates me to continue sharing. To benefit fully from all my ideas, do make sure to follow so you get all the updates and not miss any.
