Nasdaq approaching strong resistance zone?
Hi Guys,
This is starting to sound like a broken record, but the Nasdaq and accomplices, Dow Jones and SP 500 have yet again broken into all time highs, just when it looked like they might all pull back.
Nasdaq is now approaching what may be a strong resistance zone that is highlighted with the purple box and the lines in it.
The red and black line above it are explained with the text box and the SP 500 and Dow both faced selling pressure at the same retracement level.
The other lines are fib extensions from recent impulse moves.
There is a shark pattern that lands precisely at the 1.27 retracement level but the fib ratios not so good so I have left that out.
Hope this is useful to some.
Safe Trading all
This is starting to sound like a broken record, but the Nasdaq and accomplices, Dow Jones and SP 500 have yet again broken into all time highs, just when it looked like they might all pull back.
Nasdaq is now approaching what may be a strong resistance zone that is highlighted with the purple box and the lines in it.
The red and black line above it are explained with the text box and the SP 500 and Dow both faced selling pressure at the same retracement level.
The other lines are fib extensions from recent impulse moves.
There is a shark pattern that lands precisely at the 1.27 retracement level but the fib ratios not so good so I have left that out.
Hope this is useful to some.
Safe Trading all
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