NASDAQ is about to hit the 9 months old Bear Trend's upper support trendline. However, in case of successful, confirmed breakthrough we cannot declare a Bull trend. For that terms we must break above 13902.92 and show off a Golden Cross on the daily chart between the 50 and 200 EMA.
My cyclical analysis shown the current cycle close at 27 sept which make the current price climb even harder. As we know there are CPI numbers coming out in several countries so we are heading to a crazy week.
At this point we can clearly say that potential rising is way more unlikely than some drop to 12688 to finish the cycle close. Therefore, even intraday traders can get in serious trouble regarding too much support of the Bear movement above the price such as 12939.86, 13395.33, 13738, 13902.92
At this point I see more chance for dropping. Looking for Short Scalp opportunities but not get them could be more beneficial than lose on Buy Scalp trial.
In case if the price dropping under the 200EMA on 5M chart I would start trading downwards according to "the rules of price building procedure" to the south. First major resistance is 12277.40
My cyclical analysis shown the current cycle close at 27 sept which make the current price climb even harder. As we know there are CPI numbers coming out in several countries so we are heading to a crazy week.
At this point we can clearly say that potential rising is way more unlikely than some drop to 12688 to finish the cycle close. Therefore, even intraday traders can get in serious trouble regarding too much support of the Bear movement above the price such as 12939.86, 13395.33, 13738, 13902.92
At this point I see more chance for dropping. Looking for Short Scalp opportunities but not get them could be more beneficial than lose on Buy Scalp trial.
In case if the price dropping under the 200EMA on 5M chart I would start trading downwards according to "the rules of price building procedure" to the south. First major resistance is 12277.40