Weekly chart:
The Nasdaq 100 continued the trend and is now located above the last point two, meaning that it is far into the movement. An entry is no longer sensible here.
Daily chart:
From the perspective of the Dow theory, finding an entry in the last rise was not easy, since the previous green trend was broken by the severe correction (blue line). This was followed directly by the sharp rise, without any possibility to get into the market once more via a correction. In a case such as this, one inevitably has to switch to the smaller trends.
Hourly chart:
In this image you can see that an entry via the corrections would have been possible. Currently, the market is in a correction. Here, I would wait until a new uptrend develops, in order to then reel myself back out into the market according to the primary long trend.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best,
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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