ð Bearish ABCD Pattern: Short Signal on NASDAQ 1-Hour Chart!
In this 1-hour timeframe, NASDAQ has formed a bearish ABCD pattern, with the reversal point aligning with the previous peak. It rejected it strongly. This signifies a strong resistance zone formed around the 15250 area and it suggests that bears might be gaining control. Additionally, a notable 2.618 setup has emerged, characterized by two peaks followed by a retracement to the 0.618 Fibonacci level, a pattern known for its high success rate in signaling reversals.
The 2.618 formation being represented with blue lines
With price retracing to this optimal shorting area, I am entering a short position, targeting 14950 as my first take profit level, followed by 14870 as the second, and ultimately aiming for 14750 as my target. ð
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you think this insight was helpful ððŠ
The 2.618 formation being represented with blue lines
With price retracing to this optimal shorting area, I am entering a short position, targeting 14950 as my first take profit level, followed by 14870 as the second, and ultimately aiming for 14750 as my target. ð
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you think this insight was helpful ððŠ
āļāļ§āļēāļĄāļāļīāļāđāļŦāđāļ:
Please respect the money management, dont risk more than 2%
āļāļēāļĢāļāļ·āđāļāļāļēāļĒāļĒāļąāļāļāļāļāļģāđāļāļīāļāļāļĒāļđāđ
āļāļ§āļēāļĄāļāļīāļāđāļŦāđāļ:
TP1 reached
āđāļāđāļāļĩāļĒāļāļĩāđāđāļāļĩāđāļĒāļ§āļāđāļāļ
