Market Instrument: US100
Timeframe: Multiple
Analysis: Technical
Structure: Ascending Channel with Breakout
Prediction: Bearish
It's clear NASDAQ is playing inside a very strong channel where the bullish trend kept laddering up since 23rd March 2021. This channel formation has followed a nice 5 impulses inside the boundaries where we are now on the 6th expecting to create a bearish breakout for a correction on this major bull rally. For now, the price is being supported strongly on the key level highlighted. If this key level gets breached by a bearish breakout the price will get weaken further, or if the price remains strongly supported above the key level we may see a rally to the upside with a bounce. For now, I am bearish-biased on this setup and waiting for the confirmation of a breakout on the lower boundary and key level as mentioned earlier. If the price follows as expected we may see a strong plunge in price towards 14500-13000 key support levels...
Timeframe: Multiple
Analysis: Technical
Structure: Ascending Channel with Breakout
Prediction: Bearish
It's clear NASDAQ is playing inside a very strong channel where the bullish trend kept laddering up since 23rd March 2021. This channel formation has followed a nice 5 impulses inside the boundaries where we are now on the 6th expecting to create a bearish breakout for a correction on this major bull rally. For now, the price is being supported strongly on the key level highlighted. If this key level gets breached by a bearish breakout the price will get weaken further, or if the price remains strongly supported above the key level we may see a rally to the upside with a bounce. For now, I am bearish-biased on this setup and waiting for the confirmation of a breakout on the lower boundary and key level as mentioned earlier. If the price follows as expected we may see a strong plunge in price towards 14500-13000 key support levels...