The Nasdaq has demonstrated notable resilience in its recent upward movement, retracing approximately 50% of the decline experienced during the first quarter. Importantly, price action has reclaimed the anchored Volume Weighted Average Price (VWAP) from the all-time high (ATH)—a technical milestone often interpreted as a bullish signal. This is particularly significant considering that the last time this level was tested, the index subsequently declined by nearly 15%.
Currently, price is consolidating within what appears to be a bearish wedge formation. Should this pattern resolve to the upside, it could signal a broader market reversal. In such a scenario, key levels to monitor include the golden fib 618 and the anchored VWAP from the recent low—both potential zones of support. A decisive breakdown below these levels, however, would carry bearish implications, likely opening the door to new lows.
At the moment, I have plotted a potential 1-1 extension of what can be an ABC pattern within the wedge, in confluence with a daily level of liquidity. This is the major level I will be paying attention to.
For now, a prudent approach is to assess the market on a level-by-level basis and remain agile in identifying the next viable trading opportunity.
Currently, price is consolidating within what appears to be a bearish wedge formation. Should this pattern resolve to the upside, it could signal a broader market reversal. In such a scenario, key levels to monitor include the golden fib 618 and the anchored VWAP from the recent low—both potential zones of support. A decisive breakdown below these levels, however, would carry bearish implications, likely opening the door to new lows.
At the moment, I have plotted a potential 1-1 extension of what can be an ABC pattern within the wedge, in confluence with a daily level of liquidity. This is the major level I will be paying attention to.
For now, a prudent approach is to assess the market on a level-by-level basis and remain agile in identifying the next viable trading opportunity.
註釋
NO trade zone as we are blasting through resistance!
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