Nasdaq bear market?
After hitting all of our take profits we are looking for the next trade set up.
We broke the daily support that dates back to March and there isn't any current major support that we are close to. This along with the bearish divergence and rejection around the .886 retracement inclines me to think that we have now began a major leg down that could bring us back to 12-13 k.
However, for that to happen we need continuation patterns and much more data. I think the price will float around here and we'll be able to assess the market better in the next days/week, so that we can action another trade. Long or short.
https://www.tradingview.com/x/swONhyg8/
https://www.tradingview.com/x/axpm8vBb/
We broke the daily support that dates back to March and there isn't any current major support that we are close to. This along with the bearish divergence and rejection around the .886 retracement inclines me to think that we have now began a major leg down that could bring us back to 12-13 k.
However, for that to happen we need continuation patterns and much more data. I think the price will float around here and we'll be able to assess the market better in the next days/week, so that we can action another trade. Long or short.
https://www.tradingview.com/x/swONhyg8/
https://www.tradingview.com/x/axpm8vBb/
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