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US Nas 100
Long

Nasdaq about to reverse?

By Carrizo
Updated
The bottom trend line is a copy of the top trend line, making up a parallel channel. It is not a coincidence that it turned around there.
Also, 2 trend lines on the lower time frames have been broken.
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A closer look. First 4H candle in the making for quite some time.
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Looking good. Just need to break this trend line.
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Oil at major trend line about to reverse down?
Gold at smaller trend line about to reverse down?
Both of these scenarios could be very bullish for Nasdaq (and other stock indexes).
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This really looks like the big trend reversal to me. I think we will reach 15k (5% up from here) by middle or end of next week. After that 16k (12% up from here).
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A closer look
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Let's see if this parallel channel bottom trend line and 14200 support holds. I think so. snapshot
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Bounced for now but let's see what US opening results in.
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breakoutParallel ChannelTrend LinesTrend Line Break

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