short ustech100 in 13400-600 regionUS tech looks really overbought here with 100 period hourly trading well below the 200. Looks like time to bank long profits and look at shorts. We should look and see how strong DXY is doing and if the dollar keeps firming equites will likely sell off again. I suspect that nasdaq rising is just speculators buying ahead of amazon results and bargain hunters stepping in. Once amazon results are in this evening, I expect the nasdaq to fall.
Looks like a low high reward short in this region, if we get some good confirmations. Stop at all time high. Lets see if the wedge can be broken to the downside.
Ustech100
USTech100 (NASDAQ)In the Nasdaq, too, a further high currently seems more likely than the direct way down. But also here I would like to emphasize again that this is not a necessary and the last posted count until the break of the high is still valid. In the yellow y, we have already left the 1.00 extension behind us. However, I have noticed that unlike in many other markets, the Nasdaq often runs to the area between the 1.272 and the 1.382 extension to complete a wave. Unfortunately, I can no longer draw in smaller units, as the white letters already represent the minus scale degree. Therefore, just think here another abc of which the c wave is still outstanding. Target here would be the area between 13340 and 13609.
Nasdaq Going Long Nasdaq will go long if it doesn't break 12940 level, which I indicated as the new support level
NASDAQ 100 (USTech100)The Nasdaq may now have finally ended its upward momentum that began in 1985. The mandatory target of the superior wave 2, which should have been started now, is the 38.2 retracement of the entire movement and is currently at 8125. The downward movement since the high can be counted as a five-wave and thus represents a first important indication for the correction that is now starting to take place.
NASDAQ TRADE IDEA - HAPPY NEW YEARHAPPY NEW YEAR EVERYONE!
This is my setup today, we can see Nas has been playing outside the consolidation box which is a good sign to go short, we can also see a pennant has formed which is bullish, I'm expecting nas to head up to my zones as per price labels and arrows the reject and continue heading down.
nasdaq extension target or retreat from highoverall, if the continuation holds, keep buys or look on lower time frames to add buys upon wicks where price has sold off. Creating a minor zone for buys.
If price retreats from the high. the least path of resistance is 12,400 upon a trendline pattern of creating higher low.
Trade what you see
KISS - Keep it simple stupid.
Many thanks,
Team Lupa