Nasdaq nearing close of head and shoulders?
I have been watching this pattern on .IXIc develop for over a year, and with much negative news influencing the markets, it looks like we may be close to a bear reversal in the medium trend.
The drawn pattern on NASDAQ shows almost identical two hump left shoulder. One property of a H&S pattern is symmetry, which seems to occur with the two humps on the right.
The right shoulder just touched the neckline, but will likely encounter some sideways movement before continuing the downtrend to possibly 11500.
I will be cautious on entering any long positions at this time.
The drawn pattern on NASDAQ shows almost identical two hump left shoulder. One property of a H&S pattern is symmetry, which seems to occur with the two humps on the right.
The right shoulder just touched the neckline, but will likely encounter some sideways movement before continuing the downtrend to possibly 11500.
I will be cautious on entering any long positions at this time.
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