Nasdaq: Weekly Forecast 7th August 2021
Nasdaq continued to climb higher but, forming 3 consecutive bullish candle before finally turning bearish on last Friday.
Interestingly, Nasdaq is the only US indices that turned bearish whereas both the Dow Jones and S&P were still bullish.
This is because Nasdaq is heavily fueled by stimulus and a strong NFP data last Friday signals for the tightening of monetary policy.
On the technical aspect, Nasdaq has potentially completed the 5th motive wave of a bullish Elliott, as well as repeating the same overall bullish pattern started in early September 2020, thus signaling for a major correction very soon.
This week, we will continue to look for selling opportunities starting from the current price but also expecting the price to attempt to break higher again and potentially reaching 15300.
Should the major correction begins and price starts to fall quickly, our targets will be 14600 demand zone, and 14100 demand zone at the bottom of a 11-month rising channel.
Interestingly, Nasdaq is the only US indices that turned bearish whereas both the Dow Jones and S&P were still bullish.
This is because Nasdaq is heavily fueled by stimulus and a strong NFP data last Friday signals for the tightening of monetary policy.
On the technical aspect, Nasdaq has potentially completed the 5th motive wave of a bullish Elliott, as well as repeating the same overall bullish pattern started in early September 2020, thus signaling for a major correction very soon.
This week, we will continue to look for selling opportunities starting from the current price but also expecting the price to attempt to break higher again and potentially reaching 15300.
Should the major correction begins and price starts to fall quickly, our targets will be 14600 demand zone, and 14100 demand zone at the bottom of a 11-month rising channel.
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