Short
NASDAQ's Bull wave can go for a sell-off?
Market Instrument: US100
Timeframe: Multiple
Analysis: Technical
Structure: Ascending Channel, Breakout, and Resistance
Prediction: Bearish
This bullish ascending channel is very strong since August 2020 it's a complete bull ride which remains stronger for more than 17months now.
Here I have spotted 5 impulses formed inside the upper and lower boundary of this ascending channel, Where recently a resistance formed on the top of the structure close to the upper boundary. This supply zone went on a quick (-7.4%) decline.
After the 5 the impulse seems to be bringing in a sell-off-market condition for NASDAQ after 17 months of the bull ride with more than 61% growth for the period.
If the above-highlighted resistance remains stronger and powerful against the bull market then we can see a price drop close or below the lower boundary of the picked-up structure.
During a bearish market condition if the NASDAQ shows a breakout on the bullish trend formed this can be a sign of a massive sell-off where the price can be plunged by 50-61% on this bullish wave formed.
If the market confirms a breakout on this ascending channel, we can see a price level close to 12800-13500.
Timeframe: Multiple
Analysis: Technical
Structure: Ascending Channel, Breakout, and Resistance
Prediction: Bearish
This bullish ascending channel is very strong since August 2020 it's a complete bull ride which remains stronger for more than 17months now.
Here I have spotted 5 impulses formed inside the upper and lower boundary of this ascending channel, Where recently a resistance formed on the top of the structure close to the upper boundary. This supply zone went on a quick (-7.4%) decline.
After the 5 the impulse seems to be bringing in a sell-off-market condition for NASDAQ after 17 months of the bull ride with more than 61% growth for the period.
If the above-highlighted resistance remains stronger and powerful against the bull market then we can see a price drop close or below the lower boundary of the picked-up structure.
During a bearish market condition if the NASDAQ shows a breakout on the bullish trend formed this can be a sign of a massive sell-off where the price can be plunged by 50-61% on this bullish wave formed.
If the market confirms a breakout on this ascending channel, we can see a price level close to 12800-13500.
Note
Note
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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.