Nasdaq – Possible right shoulder?

Posted: 6th March 2019

Technical

Monthly: Could be the early stages of a bearish Head and Shoulders formation. A break of support at 5615 is needed top confirm this formation.

Nasdaq

Weekly: Broken the expanding wedge formation to the upside. The measured move target is located at 7345. This is close to the 78.6% pullback level of 7295 (from 7702-5802).

Nasdaq

Daily: Could seen as a 5 wave Elliott Wave pattern. The 261.8% extension is located at 7340 (from 5802-6390). We look to this confluence area to get short.

Nasdaq