NASDAQ strong rebound may be waning
The NASDAQ is a recent interest...
The charts showed a spike down to briefly break 13K as expected, and then it rebounded strongly intraday, into the daily chart, and then also into the weekly chart.
However, 15250 appears to be a strong resistance, and the daily chart shows the rejection at resistance. The weekly chart ended with a long topside tail, suggesting a retracement to the 14.5K support level.
Retracement mode!
The charts showed a spike down to briefly break 13K as expected, and then it rebounded strongly intraday, into the daily chart, and then also into the weekly chart.
However, 15250 appears to be a strong resistance, and the daily chart shows the rejection at resistance. The weekly chart ended with a long topside tail, suggesting a retracement to the 14.5K support level.
Retracement mode!
IF the recent low is taken out, then it is looking to make a lower low; and the topping pattern of LH-LL-LH-LL should start forming.
For now, it appears we have the lower high top... very likely downwards for the days/weeks ahead.