Nasdaq ..The sell off .....

[MARKETWAVES]

NASDAQ....

HERE'S MY VISUAL REPRESENTATION of how the NASDAQ sold off earlier this yr ..
Multiple resistance line ,,,, turned into major resistance and lend itself perfectly into bearish head and shoulder pattern..




TRADE AT YOUR OWN RISK… The purpose of these charts is to point out significant highs and lows based on Fibonacci Retracement lines and Elliot Waves which are highly subjective . This information is for educational purposes and should not be considered trading recommendations . All trading decisions are your own sole responsibility …

[MARKETWAVES]

pg-2....

[MARKETWAVES]

NASDAQ.....

THE RESISTACE IS FUTILE ?

[RichKid]

Nice charts MW, just in relation to the H&S in your first graphs, so it appears it failed. Ie H&S theory says it reverses the previous trend. So if it failed to reverse the slide it means it failed, not surprising looking at the long term charts. That slow ponderous move towards resistance in your yearly chart suggest that it'll slowly ooze downwards, as things congest it is approaching action time! Having said that it's not uncommon to see false breaks to the upside. My understanding with this triangle type patterns (in the long term chart) is that the longer it takes to breakout then the weaker the break. That resistance line is solid.

[MARKETWAVES]

Nasdaq........ ( weekly view ) ... QQQQ


BE AWARE , BE VERY AWARE .........

[MARKETWAVES]

HERE'S HOW THE HEAD AND SHOULDER PATTERN ..... TRACED OUT ....