Nasdaq has been really clean recently. Every move has made sense and now we have another trade setup for you with a clear invalidation level.
We can see that we're in lower degree 3rd wave impulse and we're in subwave 1, which appears to be a leading diagonal. Right now we're working within a channel but there's a chance it may turn into an expanding diagonal, which is why using the completion of subwave 2 as invalidation level works really well!
Trade Idea:
- Watch for subwave 4 of the leading diagonal to complete
- Price should stay below the completion of subwave 2 = invalidation level
- Look for bearish price action or lower timeframe trendline break for entry
- Targets: 11800 (600pips), taper positions off thereafter
Goodluck and as always, trade safe!
We can see that we're in lower degree 3rd wave impulse and we're in subwave 1, which appears to be a leading diagonal. Right now we're working within a channel but there's a chance it may turn into an expanding diagonal, which is why using the completion of subwave 2 as invalidation level works really well!
Trade Idea:
- Watch for subwave 4 of the leading diagonal to complete
- Price should stay below the completion of subwave 2 = invalidation level
- Look for bearish price action or lower timeframe trendline break for entry
- Targets: 11800 (600pips), taper positions off thereafter
Goodluck and as always, trade safe!
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