Nasdaq has been rallying hard the past few weeks, thanks to tech rally due to recent growth opportunities provided by rise of AI.
But Nasdaq is reaching significant levels both from S/R perspective and market structure.
1.We are reaching the top edge of the parallel channel
2.We are at PRZ of couple of harmonics (Cypher and BAT).
3. Also, within very close proximity of the top of rising wedge.
Keep a close watch on top tech stocks (Microsoft and Nvidia) Stocks, these have been the primary reasons for a rally in NDX, if these stocks start to fall, so will NDX.
Another reason for anticipating down weeks and months in NDX is due to Breakout in DXY which is -0.81 correlated to NDX. Which means 80% of the time NDX moves opposite to DXY.
To read my DXY analysis, go over the links below.
But Nasdaq is reaching significant levels both from S/R perspective and market structure.
1.We are reaching the top edge of the parallel channel
2.We are at PRZ of couple of harmonics (Cypher and BAT).
3. Also, within very close proximity of the top of rising wedge.
Keep a close watch on top tech stocks (Microsoft and Nvidia) Stocks, these have been the primary reasons for a rally in NDX, if these stocks start to fall, so will NDX.
Another reason for anticipating down weeks and months in NDX is due to Breakout in DXY which is -0.81 correlated to NDX. Which means 80% of the time NDX moves opposite to DXY.
To read my DXY analysis, go over the links below.
