Weekly chart:
The Nasdaq 100 is in a valid downtrend and within this, it is currently in the correction. Until now, the 20 LP has – after falling significantly short – been able to attract sufficient buyers into the market once more. Nonetheless, the threat of a continuation of the current downtrend is real.
Daily chart:
A downtrend is also present in the daily chart. Here, the last correction zone lies between 4431 and 4573 points. The path leading there, however, may not prove so easy. The danger of the index continuing to slip further down is ever-present.
Hourly chart:
In the meantime, a new downtrend is present in the hourly chart, and this could continue its course at any point. As long as the last point three at 1229 points is not broken, the trend remains strong short.
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Markus Gabel
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AgenaTrader/TradeEscort
AgenaTrader Trading Software
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