US 100Short
Nasdaq approaching strong resistance
Hi Guys,
The Nasdaq is fast approaching an area where it is highly likely to meet strong resistance . The upper blue box on the chart is that area. The zone is the 0.618 retrace from high to low. There is a massive 4 hr institution candle with the green candle order block sitting atop of it. The big players will be waiting there to fill the rest of their orders. The 50ma is in that zone which will further provide resistance. The smaller blue box below may produce a small retracement as the 20 ma and AVWAP from the high is hovering there and it is the 0.786 retracement of the swing high to the low. There is a bat harmonic pattern developing with good fib ratios that has entry at the zone. Also if we take points A B and C from the harmonic and use that as the impulsive move then the 1.618 fib expansion of that move is in that zone also. All in all pretty good confluence to suggest we will get a nice reaction once price enters the zone.
Safe trading all.
The Nasdaq is fast approaching an area where it is highly likely to meet strong resistance . The upper blue box on the chart is that area. The zone is the 0.618 retrace from high to low. There is a massive 4 hr institution candle with the green candle order block sitting atop of it. The big players will be waiting there to fill the rest of their orders. The 50ma is in that zone which will further provide resistance. The smaller blue box below may produce a small retracement as the 20 ma and AVWAP from the high is hovering there and it is the 0.786 retracement of the swing high to the low. There is a bat harmonic pattern developing with good fib ratios that has entry at the zone. Also if we take points A B and C from the harmonic and use that as the impulsive move then the 1.618 fib expansion of that move is in that zone also. All in all pretty good confluence to suggest we will get a nice reaction once price enters the zone.
Safe trading all.
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