Its worth noticing that Nasdaq has printed a gap (exhaustion?) up and small upper wicked candle with bearish body right at the 1.786 overshoot ratio of the 1:1.618 Golden Window taken from the 2 month correction in 2023.
So this might be a top for this area.
It doesn't mean that Nasdaq must have a major correction since the pivots are within the trend.
And so I think a minor degree correction is most likely if it does correct here.
I am bullish in higher time frame but neutral in this area.
However I am making a few short entries in weak looking stocks for if the index trend does buckle and may post another short soon.
Not advice
So this might be a top for this area.
It doesn't mean that Nasdaq must have a major correction since the pivots are within the trend.
And so I think a minor degree correction is most likely if it does correct here.
I am bullish in higher time frame but neutral in this area.
However I am making a few short entries in weak looking stocks for if the index trend does buckle and may post another short soon.
Not advice
Note
Nasdaq gapped down yesterday and printed a bearish candle.Notice that it topped plumb on the 1.786 overshoot ratio of the two point Fibonacci extension.
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.