Nasdaq is continuing on its bearish rising wedge pattern. In my last post I charted out its possible path and it's been moving in that direction. Broke out of the wedge briefly monday on a bonus unexpected surge from Amazon with rumors of a stock split. Tuesday and Wednesday was spent returning to channel bottom. Also Tuesday there was a rejection on the RSI which coincided with the pull back. RSI is now showing divergence if you draw a resistance line from January 25th high to it's most recent rejection on April 26th.
Short term, with Faang crushing earnings this thing should rocket tomorrow with no resistance channel wise for 180pts; RSI is a different story.
Long term, its looking like "Stay away may" unless Nasdaq can
A. Breakout of rising wedge
B. Break out of RSI divergence
Short term, with Faang crushing earnings this thing should rocket tomorrow with no resistance channel wise for 180pts; RSI is a different story.
Long term, its looking like "Stay away may" unless Nasdaq can
A. Breakout of rising wedge
B. Break out of RSI divergence
