Nasdaq reaching potential short area
Two reasons to be hesitant about going long at this point. The first being that its been in a rising wedge since mid May, hitting that top resistance several times now towards the tip. Additionally, its in the 161 and 188 fib area from two different regions, the first being February to March, and the second being the April to May area.
As far as potential price targets, an aggressive one might be the purple area as it acted as an area of indecision for an extended period of time twice in the past. Also, as you can see by the anchored vwap, that is where most of the volume has been during this run up.
As far as potential price targets, an aggressive one might be the purple area as it acted as an area of indecision for an extended period of time twice in the past. Also, as you can see by the anchored vwap, that is where most of the volume has been during this run up.
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