Weekly chart:
For the time being, the Nasdaq has decided to extend its correction, and this week it is fighting its 20 location point line. As long as the correction zone is not exited in a downwards movement from below, the index still retains a chance of continuing the uptrend.
Daily chart:
After the price was able to stabilize itself last week right at the upper limit of the correction zone, it has meanwhile established a downtrend, albeit corrective. This gives me reason to speculate on the prices continuing to fall more than not. In the ideal case, the price will still be able to stabilize at the 20 LP from the weekly chart.
Hourly chart:
In this trend size, the Nasdaq is flowing in a clean downtrend and is very far into the movement here. A counter-movement in the form of a correction is more than likely. However, as long as the last point 3 at 4525 is not broken, the downtrend will remain stable and prevailing.
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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