NASDAQ is trading within a downtrend channelCURRENCYCOM:US100
📍 After reaching the record high level around 12500.00 investors are taking their profit because of fear about the economic slow and and doubt over economic rebound
📍 Currently the price is below the 11000.00 key psychological level. Ahead of the US presidential election everyone had a doubt over who is win the election and how they will impose new tax on corporate sector
📍 US100 is trading in a downtrend channel. And series of HH LL LH LL patterns forming. And approaching towards the lower side of the major trend line we can expect a minor rebound from this level
📍 Within this downtrend channel series of bearish flag patterns are formed which is a clear sign of bearish trend
📍 In Elliot wave theory The 3rd minor wave is forming within the major third wave. The 2nd major wave was clearly closed at 61.8% of the 1st wave
📍 Recently the tech shares are in decline phase which in turn the US100 is falling as the tech shares the major movers
📍 The price was felled below the 50,1001200 exponential moving average the Ichimoku cloud is acting as resistance for the bull
📍 If the price moved above 11840.00 level then the bearish trend got invalidated 11840.00 is a 50% Fibonacci level
📍 MACD is in red zone and oscillators are pointing towards bearish trend. But in RSI the strength is slowly fading and we can expect minor rebound up to RSI-50
📍 The next bearish target would be 10310.00 which is a July low level. In alternative case the target would be 10800.00
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