NASDAQ About to test the MA50 (1d). Break out and rejection plan
Nasdaq is posting the 3rd bullish leg inside the Channel Down pattern on the 1D time frame.
It is about to hit the MA50 (1d), above which all prior Lower Highs have been priced near the 0.786 Fibonacci level.
The medium term trend remains bearish until this level gets broken.
Trading Plan:
1. Sell on the current market price.
2. Buy if the price crosses over the 0.786 Fibonacci level.
Targets:
1. 14650 (near the 0.382 Fibonacci level, where both Channel top rejections made the first drop).
2. 15330 (Resistance 1 and previous Lower High)
Tips:
1. The MACD (1d) just formed a Bullish Cross. The previous two were formed half way through the rises, so it is possible this one is stronger, hence our bullish break out option.
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Notes:
Past trading plan:
It is about to hit the MA50 (1d), above which all prior Lower Highs have been priced near the 0.786 Fibonacci level.
The medium term trend remains bearish until this level gets broken.
Trading Plan:
1. Sell on the current market price.
2. Buy if the price crosses over the 0.786 Fibonacci level.
Targets:
1. 14650 (near the 0.382 Fibonacci level, where both Channel top rejections made the first drop).
2. 15330 (Resistance 1 and previous Lower High)
Tips:
1. The MACD (1d) just formed a Bullish Cross. The previous two were formed half way through the rises, so it is possible this one is stronger, hence our bullish break out option.
Please like, follow and comment!!
Notes:
Past trading plan:
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