Hello Fellow traders,
I am sharing with you today's price action on the nasdaq with the hope that you will find it beneficial and learn from it.
- MNQ has broken multiple internal lows which is a clear sign of its bearish character earlier today in EU session.
- Each time it broke a low, it retraced back to the last established supply zone (at the previous internal high).
- in 2 out of the 4 cases, it retraced back to the refined supply zone (red boxes, before breaking the next low).
- The swing low was obviously the objective short term, which it just retested.
- Since there are multiple lows at that swing low, I am anticipating a reaction/reversal from this level.
- Long term trend (4h chart, remains bearish), its swing low is way down, which suggests further possible downside before trend resumption to the upside.
Good Luck,
Masterwizard