Nasdaq consolidating after three part push. Reversal?
Nasdaq has pushed up really nicely out of a double bottom, and now it is showing signs of hesitancy. It could decide to continue pushing up higher. It is still receiving support from the daily trendline.
But it has shown a nice Elliot wave pattern and is now consolidating so short positions could be considered. Actually as I am typing it is showing some signs of weakness.
It is 30 minutes until the open. I'm not sure how that changes things, or if it does. Except I can't use margin so immediately it's not ideal, but for many traders that might not be a big issue.
There is a lot of support below so if it fails that could be a reason.
But it has shown a nice Elliot wave pattern and is now consolidating so short positions could be considered. Actually as I am typing it is showing some signs of weakness.
It is 30 minutes until the open. I'm not sure how that changes things, or if it does. Except I can't use margin so immediately it's not ideal, but for many traders that might not be a big issue.
There is a lot of support below so if it fails that could be a reason.