Just a quick note that the recent NASDAQ (bear) rally appears to have run its course; on the 1H chart, it had a series of Lower Highs and Lower Lows (white lines), and appears to have completed the trend change pattern by breaching the support from the first Lower Low (red line).
Given this pattern completion, a typical breakdown of the critical support would see a fall out to the next significant support level. Two of which are close to each other, and about 10,600.
The MACD is supporting this view with the MACD crossing under the Signal line, and both crossing down into bearish territory below zero. In alignment, the Volume Divergence has similar cross down / cross under as well.
The described breakdown happening in the Asian market hours might see a struggle to keep at the support level area and a probable dive later today at the pre-market opening or early market open hours.
Having complete the pattern to the projected target present yet another breakdown which might see an overextension (perhaps early next week) to below 10,000 on the NASDAQ, as earlier expected to meet the downside projected target.
An early warning to brace well as we go into the weekend and roll over to next week…
Given this pattern completion, a typical breakdown of the critical support would see a fall out to the next significant support level. Two of which are close to each other, and about 10,600.
The MACD is supporting this view with the MACD crossing under the Signal line, and both crossing down into bearish territory below zero. In alignment, the Volume Divergence has similar cross down / cross under as well.
The described breakdown happening in the Asian market hours might see a struggle to keep at the support level area and a probable dive later today at the pre-market opening or early market open hours.
Having complete the pattern to the projected target present yet another breakdown which might see an overextension (perhaps early next week) to below 10,000 on the NASDAQ, as earlier expected to meet the downside projected target.
An early warning to brace well as we go into the weekend and roll over to next week…
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