NASDAQ is on the way to test January low
Â
NASDAQ is running out of the top rectangle and breaking below 10 MA on the monthly chart for the first time since 2016. This is a strong signal that the uptrend as we know it is over unless we see a February close above 15100.
Â
Â
The weekly chart shows a test of the critical upside resistance of 13860, which was also a January low, and a confirmed break below this level would lead to a deep pullback, measured by a Fibonacci retracement; a first target could be 12900.
Â
Â
JOIN TRADER’S CLASSROOM TO LEARN A PERFECT ENTRY AND EXIT TIMING IN ALL ASSET CLASSES
On a daily chart, we can see a good RR trade opportunity Already a member? This article is so good, it’s for premium members only.
Does that sound like you?
Go Premium to read full trading strategy with parameters of entry, stop loss, and exit. Why Premium?
We have used the combination of the top-down trading analysis to get these critical levels explained in the charts. Also, you can see Elliott Wave and price action analysis together in action along with the Andrews Pitchfork channel tool. If you want to learn the trading strategy that will give you immediate results in your trading register for Trader’s classroom.
