📉 Bearish ABCD Pattern: Short Signal on NASDAQ 1-Hour Chart!
Updated
In this 1-hour timeframe, NASDAQ has formed a bearish ABCD pattern, with the reversal point aligning with the previous peak. It rejected it strongly. This signifies a strong resistance zone formed around the 15250 area and it suggests that bears might be gaining control. Additionally, a notable 2.618 setup has emerged, characterized by two peaks followed by a retracement to the 0.618 Fibonacci level, a pattern known for its high success rate in signaling reversals.
The 2.618 formation being represented with blue lines
With price retracing to this optimal shorting area, I am entering a short position, targeting 14950 as my first take profit level, followed by 14870 as the second, and ultimately aiming for 14750 as my target. 📉
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you think this insight was helpful 🚀💪
The 2.618 formation being represented with blue lines
With price retracing to this optimal shorting area, I am entering a short position, targeting 14950 as my first take profit level, followed by 14870 as the second, and ultimately aiming for 14750 as my target. 📉
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you think this insight was helpful 🚀💪
Note
Please respect the money management, dont risk more than 2%Trade active
Note
TP1 reached
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