Weekly chart:
The Nasdaq 100 is in a valid downtrend and there, is it currently in the correction. So far, the 20 LP from the monthly chart – after falling substantially short – was able to attract enough buyers into the market once again. Whereas last week, we still had to reckon with a continuation of the downtrend, this week it looks significantly friendlier once more.
Daily chart:
A downtrend is also present in the daily chart. Here, the last correction zone lies between 4431 and 4573 points. Meanwhile, the index is getting ready to run directly into this correction zone. If this is the case, then this would install a corrective uptrend. Here, patience is a virtue.
Hourly chart:
Due to the currently rising prices, a new uptrend has established itself here, whose last high is located at 4369 points. From the penultimate point two – the start of the correction zone – the index was able to take off in an upwards direction in the last hours. The rebound followed immediately at the 20 LP from the daily chart. If enough buyers appear here, then this should trigger a new upwards movement.
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Markus Gabel
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AgenaTrader/TradeEscort
AgenaTrader Trading Software
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