Nas 100- I'm expecting this pattern play, but there are some bullish obstructions i want to see price clear out, before i can conclude the sells will drive strongly.
As the week is gradually coming to a close with just two trading days left, the weekly candle aims at closing bearish as a hanging man which signifies the bears dominance all through the week, despite buying pressure from the bulls.
NAS 100- The weekly aims at forming a solid lower high, despite the higher low sequence it has formed the previous weeks. This shows that although the bulls are not fully eliminated on the weekly, the bears are beginning to mark and strengthen their territories and ready to continue resisting the bulls till the month is over.
NAS 100- on the daily, The Lower high sequence is clearer which confirms the downtrend is strengthening after the Daily bullish channel support was invalidated and retested as a trend resistance.
Nas 100- Daily Descending Triangle meaning (part 1)
A Descending Triangle is a bearish chart pattern characterized by a downward-sloping resistance trendline and a horizontal support level. The downward slope reflects increasing selling pressure as sellers become more aggressive while buyers continue defending a key support level.
on Nas 100 the downward-slope is holding the bulls and challenging them from thrusting further to the upside by consistently making lower highs while the bulls make equal lows as shown in the charts.
Nas 100- Daily Descending Triangle meaning (part 2)-
As the pressure is getting intense from sellers, the probability of a bearish breakout increases. Traders often wait for a confirmed close below the the support key level, followed by a retest inorder to enter short positions.
On Nas100, a break below the horizontal support at 29022 will indicate sellers have overpowered buyers and willing to drive price downwards.
Nas 100- Daily Descending Triangle meaning (part 3)
Although the prevailing breakout in a descending triangle is often bearish (downside breaoukout ), On trending assets like Nas 100, a break above the downward sloping trendline should be anticipated as well as this will signify buyers over powered sellers and aims to drive price higher.
But since currently on Nas 100, the descending triangle is formed at a major resistance level, which confluences with a retest of an invalidated trend support and a bearish candlesticks pattern on Daily and weekly, this becomes an added confluence that the bearish pressure is becoming intimidating for buyers.
The reason why us100 is holding from support to resistance is because of the risk guage and also the reactions around that level, all am saying is that don't just put your sell limit because a zone is a resistance zone or but limit because it's a support, wait for a reaction there before taking a decision, it should be your poi but you wait for more confirmation, because price might break or hold
The monthly timeframe is bullish for Nas100 That higher-timeframe bias is definitely worth respecting, but I'll still watch how price reacts around key support and resistance levels. If the monthly bearish momentum continues while lower timeframes keep printing lower highs, it would strengthen the probability of the move extending into monthly reaction zone
That will really be a long way down for Nasdaq. The panic for investors will be severe. I can expect such a fall for currencies but not in stocks or indices, except such hard fall is a take-profit inspired reactions. But it's Market, anything can happen.
From the yearly, It's just a pullback, since price has used the first 6 months to pump, it's taking a break before continuing another rally.
The marking will also depend on the war, what am trying to say is if the cease fire is called again or the us-iran war tension cools down totally then price may reverse from anywhere, although my monthly reaction level is different, but it depends how long will fear continue to rule, although my marked zone is from 25245.10 to 23867.63, I am not saying the zone must hold, following the fundamentals I know nas100 is supposed to resume by now , but due to the war it's selling hard but once the middle east tension is over i believe the market will resume so my level is marked base on normal structural view as that zone is a monthly order block zone
So what you mean is that for it to reverse from any of the zone I marked with the upward movement arrows it will take like another 6 months, meaning it should be like early next year, for what I understand it should be when the war ends, when risk appetite will increase
Price has actually tested that level but without a solid break, till NY session let's see if that zone will get broken, but the last order block is very far
