NAS100 Medium Term Correction ahead

NAS100 made its move to the upside and touched the upper trendline of the channel.

• The 5-Waves are finished and a bigger correction should occur
  
• 1H Pinbar Sell Signal - Price action formed
  
• RSI Divergence at the end of wave 5
  
  
• Market opened with a gap which could lead to a daily island reversal candlestick pattern!
  
• Good R:R with short position.
  
  

We traded this market at the beginning of the week. Trade went BE, but it was kept on the watch, because the bigger picture is very likely to correct over the next Weeks/months.

Have a look at Daily chart to gain perspective.