21d • 📈 Charts Chat
My thoughts on Nasdaq
Weekly:
- bullish price action;
- warnings:
- bearish engulfing (strong candlestick) formed at a cluster of 1.618 Reverse Fibonacci levels;
- oscillators: Stochastic RSI - in a bearish mode;
- displays divergence.
The oscillators behaviour is not a signal to take action, but a sign the market is weak.
Daily:
- doji at the middle corrective channel;
- daily closed above EMA50 - Monday has the potential for a bullish day.
H1:
- the decline from Nov12 can be counted as a 5-wave move; an A-B-C correction should be made to correct that 5-wave move.
- price at the moment seems to be in wave B of the correction, so a wave C to the upside is expected.
- once wave C completed, I'm expecting either a deeper or sideways price movement.
When looking at D charts, I noticed the decline starting October 30 is the first one overlapping a previous daily high. The weekly close still holds, so price may struggle to break it.
A daily close above November 12 high invalidates the continuation of the bear trend.
Elliott waves are used for context, not as a stand-alone strategy.
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My thoughts on Nasdaq
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