Nasdaq 100 Short-Term Update |
Nasdaq 100: 2341.39
Short-Term Trend: weak uptrend
Outlook: If you take a closer look at the rise from the Mar low, you will find a series of breakaway gap, runaway gap and exhastion gap (last Friday). The occurence of the exhastion gap last Friday is a negative sign and it suggests the entire advance from the Mar low may have ended. And that's quite natural to expect considering the fact that this decline is assumed to be a (b)-wave. A decline below 2290/70 this week will shift the immediate focus back on the downside and a re-test on the Mar low will then be expected. However, as long as this support area (2290/70) holds, the immediate trend is higher and further gains twd 2460 can't be ruled out….
Strategy: Shorts favorable at 2348. Stop=2378. Target=2188.
About the author: Alexander Nikolov
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