NASDAQ weekly Projections

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.

Nas 100- Also, price has formed an LTF bearish channel. I'll wait to see a downside break of 29485 and retrest fo the sells to drive properly.

The sells continues after the retracement

NAS 100 DAILY ANALYSIS UPDATE

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.