NAS100 - Hands up, Price down? Prepare for correction!
Weekly:
- Bullish trend and Ichimoku setup. Looks like a never ever ending super bull, right? :-)
- Long term bullish supports are higher now: 3960 and 4110
- Heikin Ashi candle may face some headwind this week, haDelta already shows a warning signal for possible exhaustion of bullish momentum. There is also a minor bearish divergence between Price candle highs and haDelta highs.
Daily:
- Ichimoku setup is bullish, but market has become very overbought with Price far above Kijun Sen.
- Heikin Ashi candles signal a local top. Yesterday candle had small green body but long upper and lower wicks, today's candle is red one so far with no upper wick. haDelta has been showing bearish divergence for a while (as the bullish candles had smaller and smaller bodies), and now it gives a real warning signal, as not just crossing down its SMA3, but also dipping back below zero line! HA Oscillator turned bearish too.
- Supports are: 4400 rather as psychological only, the stronger support is going to be at the 4290 - 4320 area. Kijun Sen will catch up there in coming days, and that was the previous key resistance before the breakout.
4H:
- Ichimoku setup turns to neutral, with weak bearish Tenkan/Kijun cross, Price touch below Tenkan and Kijun, Chikou Span hits Price candles. However the Price is still above the Kumo, for a real counter trend we need price to break below the cloud.
- Heikin Ashi setup is bearish on all fronts, but as you know on this lower time frame it can very quickly change. So primarely we have to focus on Ichimoku sell signals, and when the important supports are broken, then either on the break, or with a sell signal after some minor pull back up we can try the shorts.
Will the correction last down to 4300? Or the tgt will be only higher? Or maybe it drops even lower? Of course no one knows now. What we know is that the corrective move is just around the corner. It may take a few more days, but eventually it will come. Risk/reward for shorts is increasing.
- Bullish trend and Ichimoku setup. Looks like a never ever ending super bull, right? :-)
- Long term bullish supports are higher now: 3960 and 4110
- Heikin Ashi candle may face some headwind this week, haDelta already shows a warning signal for possible exhaustion of bullish momentum. There is also a minor bearish divergence between Price candle highs and haDelta highs.
Daily:
- Ichimoku setup is bullish, but market has become very overbought with Price far above Kijun Sen.
- Heikin Ashi candles signal a local top. Yesterday candle had small green body but long upper and lower wicks, today's candle is red one so far with no upper wick. haDelta has been showing bearish divergence for a while (as the bullish candles had smaller and smaller bodies), and now it gives a real warning signal, as not just crossing down its SMA3, but also dipping back below zero line! HA Oscillator turned bearish too.
- Supports are: 4400 rather as psychological only, the stronger support is going to be at the 4290 - 4320 area. Kijun Sen will catch up there in coming days, and that was the previous key resistance before the breakout.
4H:
- Ichimoku setup turns to neutral, with weak bearish Tenkan/Kijun cross, Price touch below Tenkan and Kijun, Chikou Span hits Price candles. However the Price is still above the Kumo, for a real counter trend we need price to break below the cloud.
- Heikin Ashi setup is bearish on all fronts, but as you know on this lower time frame it can very quickly change. So primarely we have to focus on Ichimoku sell signals, and when the important supports are broken, then either on the break, or with a sell signal after some minor pull back up we can try the shorts.
Will the correction last down to 4300? Or the tgt will be only higher? Or maybe it drops even lower? Of course no one knows now. What we know is that the corrective move is just around the corner. It may take a few more days, but eventually it will come. Risk/reward for shorts is increasing.
