NASDAQ Triangle rejected at the top. Bearish until broken.Nasdaq is trading inside a Triangle pattern, which rejected the price on its top today.
As long as it holds, it is more likely to see a decline towards the 0.786 like both prior bearish legs.
A cross above the Triangle though, will be a bullish break out targeting the 2.0 Fibonacci extension.
Trading Plan:
1. Sell on the current market price.
2. Buy if the price crosses above the top of the Triangle.
Targets:
1. 21050 (Fib 0.786).
2. 22900 (Fib 2.0 extension).
Tips:
1. The RSI (4h) is testing its Rising Support trendline. A break confirms the bearish signal. A rebound, raises the chances of a Triangle break out.
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