NASDAQ is still bearish on the daily and the h4 time frame. This indicates that we have another impulse bearish move towards the double bottom which can be corrected and plummeted down. In regards to that, we will be looking to short the NASDAQ from the tap again at the resistance level. This resistance level will form another bearish candle and then we will take the short sell.

The ascending trendline has already been broken out earlier for the sells. Another breakout sell is in the formation. Once its broken down, there will another big short sell.  

The retracement area is 61.8% which is in confluence with the resistance level. This level will jot down towards the 0% level which is the bearish level. 

The EMA 50 is still bearish and has been tapped by the price action at the resistance level. This price action will form a bearish engulfing candle and will continue moving down.

RSI is at 45. RSI needs to be neutralized at the 50 level. From there onwards, we will see a bearish dive towards the 0 level on the oscillator. 

Bearish impulse to double bottom?

Nov 01 2022