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Nasdaq Short: multiple reasons
Over here, I present to you the Nasdaq short idea again. For my previous idea, it was stopped out at 23500. This time, I changed the wave counts again, mainly merging the previous wave 5 into wave 3, allowing for the new high to be a wave 5.
On top of that, here are the few other reasons for the short:
1. Fibonacci extension levels: Wave 5 is slightly more than Wave 1.
2. RSI overbought for the 3rd time on the hourly timeframe.
3. Rising wedge false breakout.
4. Head-and-shoulders on the 1-min timeframe.
As usual, the stop for this idea is slightly above the recent high, around 23700.
Thank you.
yesterday
Trade closed: stop reached
Quickly stopped out again :(
yesterday
Note
I will attempt to short again. Stop above $23800.
11 hours ago
Note
Trade close at 23190.
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