Nasdaq Composite Index has seen some profit booking in last 2 weeks. Recent high at 15150.07 was not sustained with 15151 as mirror number ( I am always fascinated with such numbers). Incidentally the level of 75% of the range saw profit booking which was 14681.38. We need to sustain above this level to see further growth on the index.Supports at 14167.01 and...
Nasdaq ixic index at 15050
Daily time frame
Bearish wolf wave pattern formation on long time consideration ,
ascending sharp wedge on smaller time consideration
Wedge is already broken and reversal from above the wolf wave resistance line is in progress,,
if this wolf wave has to progress as per theory, than index might head towards levels of 13700-13500.
in...
In buying zone...........................................................
Current Price - 72700
Target price - 73000
Support price - 72500
Stop Loss - 71000
This Index too is making a series of 1's and 2's in the start of its C leg. The current rally has halted at trendline and Fib resistance. And as a cardinal rule it cannot surpass 13690 which is the start of wave i. We have a reversal signal now on the hourly charts from RSI and Composite. So yet another Index is indicating that this rally is done.
NASDAQ:IXIC
I think Nasdaq composite is in XX Wave right now. No one can predict this wave how long it will be what kind of structure will unfold in this structure.
Two Possibilities: -
1] It's in control range within main range. where price retest at resistance of control range.
So, maybe price will go near 13500/- for retest and then go up near 13800/-
After...
Nasdaq has almost completed the waves 1 to 4 and more likely its in a fifth wave.
If the price levels remain between the indicated blue triangle, it will not show a clear path, so for a bigger move, upward or downward it has to come out, which mostly probably in few days/weeks it is likely to come out,as it will decide next 8k or towards 16/20k
after major results in top companies we got to see price making lower low and lower highas it is indicating the start of correction.
KEY LEVELS -
14200 - 14125 - 14080
on this level we should look for choc from bearish to bullish by price making higher high and higher lows
There is extreme pessimism with respect to Nasdaq and US IT Tech companies and they have corrected heavily from top. It looks like that NDQ is making a double bottom formation on weekly tf at fibo golden ration i.e. 61.8% retracement from Covid low to ATH.
There is also a formation of falling wedge pattern which is visible potentially and risk is to reward looks...
