We published our analysis on 31st July expecting some bearish correction in NASDAQ but it went for an irregular bullish wave, making a double top but exceeding our previously mentioned SL at 15150 (Analysis published on 27th July, targeted destination achieved). Now again we are in the same condition and expecting the same bearish corrective move by NASDAQ toward our targeted destination at 14796. From previously made analysis of the market, the perspective exclaimed NAS100 breaking an important price action i.e 15000 forming wave 'a' of bearish corrective structure and landed near our two hourly exponential moving average 200. That zone became a point of retracement for NASDAQ and now possibilities are that its within wave 'c' now after completion of a decisive irregular corrective wave 'b'. The index in four hourly chart managed to get itself above our intraday exponential moving averages i.e 8,13,21 and 50 which provided this short term strength to sustain in the current zone i.e above 15050. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Our previous stop loss of 15150 has been denied and has been adjusted to 15188  - we will be expecting the index to fall towards daily exponential moving average 50 to complete its final corrective wave c. The aforementioned level has our 61.8% fibb level as well with a strong weekly support at 14293 which might became a strong indication/ area for NASDAQ to continue its major bullish move of higher degree. Retail traders also focus on the divergence made in four hourly timeframe as well as in daily time frame, while observing the market developing bearish sentiments, we suggest that its a the right time to have precise selling positions to be adjusted at the current market price and cash the opportunity. 

NAS100 H4

Aug 06 2021