I'm using the 6HR timeframe for this one since it paints a picture of the Nasdaq still sitting in a cloud but below the 100 period and 200 period moving average - This suggests it is stoll at a point of indecision and has been unable to break through resistance. Additionally, a Bearish moving average cross can sometimes act like a magnet, drawing the price up temporarily before further downward continuation.
In this market, it is difficult to trust very clear chart signals so though I more bearish here, I have also charted the possibility that this is the begining of an impulse wave after a correction. In this scenario, price may move to the secondary point of control which is also near the corresponding 5th wave extension fib level. Though in order to get there it will have to break above the current point of control and MA resistance.
Lets see how this plays out.
In this market, it is difficult to trust very clear chart signals so though I more bearish here, I have also charted the possibility that this is the begining of an impulse wave after a correction. In this scenario, price may move to the secondary point of control which is also near the corresponding 5th wave extension fib level. Though in order to get there it will have to break above the current point of control and MA resistance.
Lets see how this plays out.