Are we sleeping on a massive double top?
As you can see, The Nasdaq has made two near equal peaks around the 22100 area.
Although the Weekly candles of the first and second week of February were bullish, it coincided with two weeks of declining volume, usually meaning momentum exhaustion.
On the 18th February the Nasdaq printed a strong ‘no body’ red doji on the daily TF. This is an indecision candle but can signal the beginning of a trend change.
The Green Areas show the Daily Fair Value Gaps and I’ve but a target beside the Fair Value Gaps that are currently unfilled.
If the Nasdaq breaks beneath 20500, the targets underneath this price is where I’d expect price to be drawn towards.
Also, I have highlighted some notable lows where I’d expected volatility around. I am not suggesting at that this move could in a straight line by the way. If it happens, it will happen in waves.
This is based 100% on technical analysis.
Although the Weekly candles of the first and second week of February were bullish, it coincided with two weeks of declining volume, usually meaning momentum exhaustion.
On the 18th February the Nasdaq printed a strong ‘no body’ red doji on the daily TF. This is an indecision candle but can signal the beginning of a trend change.
The Green Areas show the Daily Fair Value Gaps and I’ve but a target beside the Fair Value Gaps that are currently unfilled.
If the Nasdaq breaks beneath 20500, the targets underneath this price is where I’d expect price to be drawn towards.
Also, I have highlighted some notable lows where I’d expected volatility around. I am not suggesting at that this move could in a straight line by the way. If it happens, it will happen in waves.
This is based 100% on technical analysis.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.