Nasdaq's journey post breakout/ rates to look out for 06.02.2023
2 possible scenarios:
1) Price continues to charge forward post big "falling wedge" pattern breakout up, targeting 15,300 as breakout target (equal distance of wedge width measured from breakout) with 12,800 "rising wedge" resistance broken this scenario will be confirmed.
13,600 is in the way and could be correction back down 12,200-300 once reached, or can charge above to 15,300 straight.
2) Price drops from "rising wedge" resistance at 12,800 and breaks below 12,200 "rising wedge" support, which could target lower to 10,800 which would be retest of "falling wedge" breakout and target of "rising wedge" breakout combined.
A lot depends on FED policy and market sentiment, suggestable action would be once "rising wedge" (12,800 to 12,200) breaks down or up, indicating a much more clear direction.
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Do your own research and always trade with caution.
I am here for any questions or comments, would appreciate any interaction A LOT!
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1) Price continues to charge forward post big "falling wedge" pattern breakout up, targeting 15,300 as breakout target (equal distance of wedge width measured from breakout) with 12,800 "rising wedge" resistance broken this scenario will be confirmed.
13,600 is in the way and could be correction back down 12,200-300 once reached, or can charge above to 15,300 straight.
2) Price drops from "rising wedge" resistance at 12,800 and breaks below 12,200 "rising wedge" support, which could target lower to 10,800 which would be retest of "falling wedge" breakout and target of "rising wedge" breakout combined.
A lot depends on FED policy and market sentiment, suggestable action would be once "rising wedge" (12,800 to 12,200) breaks down or up, indicating a much more clear direction.
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Do your own research and always trade with caution.
I am here for any questions or comments, would appreciate any interaction A LOT!
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