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Nasdaq: A deeper correction is possible after H&S is triggered

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Nasdaq (NDX/US100)

Our expectations: The mid-term short positions are more likely due to the "Head and Shoulders" triggering. The price has moved below the neckline and is now returning to test it which gives us opportunities for short positions. Stop loss around 5786.

Alternative scenario: If the price goes back above the neckline and holds there then the formation may be spoiled and we could start looking for new long positions.

Comment: On H4 chart a pin bar is formed at diagonal resistance levels giving us a signal for short positions. EMA50 is below EMA200 on H4 chart, showing predominant negative moods. On a daily chart, the price has crossed below the EMA50 which also confirms the probability of a deeper correction.

ndxh4

Jr Trader Ivan Ivanov


 Varchev Traders

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