NAS100 just a retracement or short continuation?

May 5

Analysis 06/05
Nasdaq just a retracement or Short?

As my previous idea, I mentioned the next nas100 movements.
Where we are now?
As you can see from the picture, Friday we touched liv 0.786 Fibonacci (17917.60).
On the RSI indicator an overbought position in multiple TF.
Appl on RSI indicator shows overbought in multiple TF.
This calling an obviously down from now. I advise to all that don’t have a positions open now, To open a Short position.
Green LH red HL

Nas100 will aim surely to

0.618 fib level (17529.90)
0.786 fib level ( 17418.40)

If stop the downtrend on those levels and will start to back up, we will consider the downtrend in large Tf invalid and a continuation up, possibly on the ATH.

To be honest I’m more likely on the second scenario. I’m showing you right now.
As mentioned as cut rates will not appearing so far, and other circumstances as war and inflation. I’m expecting a continuation of downtrend in a large Tf.



Instead respecting the retracement I will expect a continuation down, we will see breaks down m the previous HL on (17276.50) followed a retracement up and a continuation down. Find the pic attached.
Also as there are not any others important news, I’m see a clear sky of the second scenario.

I still have my sell position open from 17400
. Im consider both scenarios valid but likely 30% (1 scenario) and 70% (2 scenario).
In case of the first one I will wait the retracement for closing my position and open a buy position.

Use your money as tool and don’t be fear of the market.

Happy trading