Nasdaq just formed an inverse head and shoulders and the market is going to balance it by retesting the broken support, now turned resistance at the price of 15420. This is the price from where market can continue moving downwards for another 100-120 pips. Market has already formed a lower low and lower high to mark the bearish trend.

The ascending trendline has broken out for sells and the market has validated it by breaking the support level.

There is no retracement level on this pair.

EMA 50 is bullish and the market is retesting it at the EMA 50 level. This needs to be broken out for further sell confirmations on the pair.

RSI is at 56. Its slightly higher than the neutralized level at the 50. Once it starts to resort back down from the 50 level, we will have a solid confluence for the bearish momentum.

Nasdaq to retest at 15420

Sep 06 2023