$NQ1! $Nas100usd $ndx $qqq - ...Is this where you want to short?
Updated
Shortterm bull.
My previous gold call worked out perfectly, check that out if you're curious. As for NASDAQ, I'm bearish, I think we have more correction to come. BUT here's some reasons to take some profit if you're short, or open a small long depending on your time frame.
1) 2 Fib levels that I've labeled in green.
2) A solid previous low AND high shown with the green horizontal support line.
3) 3D 200ma (orange line)
4) Some bullish divergence on the MFI/VFI, with a lot of my indicators showing over extended down.
I'll be playing this with either TQQQ calls or SDOW puts. I like options for plays like this because it prevents me from being stopped out from a crazy move and then coming right back to where I wanted it to be (Within the expiry date.)
Leave a comment and reasons why if you agree/don't agree! And don't forget to mention your timeframe
My previous gold call worked out perfectly, check that out if you're curious. As for NASDAQ, I'm bearish, I think we have more correction to come. BUT here's some reasons to take some profit if you're short, or open a small long depending on your time frame.
1) 2 Fib levels that I've labeled in green.
2) A solid previous low AND high shown with the green horizontal support line.
3) 3D 200ma (orange line)
4) Some bullish divergence on the MFI/VFI, with a lot of my indicators showing over extended down.
I'll be playing this with either TQQQ calls or SDOW puts. I like options for plays like this because it prevents me from being stopped out from a crazy move and then coming right back to where I wanted it to be (Within the expiry date.)
Leave a comment and reasons why if you agree/don't agree! And don't forget to mention your timeframe
Note
This chart turned out near perfect again, we bounced extremely hard at the bottom of the teal rectangle. Lets see how far we can go.
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