Looking at the market. I can see that the market left some liquidity after forming a double top that was making the last wave of the retracement. (look at my last two ideas to see the retracement I'm talking about.) Now as the market has shown some sign of a change in trend (BOS & choch), I believe it retraced to close the imbalances on Daily Frame for efficient price distribution, and now that the gap between buyers and sellers has been closed the market will continue the trend as NASDAQ will be heading back to its normal price and even better create more new higher highs. I believe we should keep a close look at the market structure and once we see the market forming HH and LH, we will sport a cheap price(at a discounted level) to buy.
The pattern might be forming an Inverse Head and shoulder while on the daily view it's forming a double bottom and completing the flag pattern on a weekly viewpoint.
The pattern might be forming an Inverse Head and shoulder while on the daily view it's forming a double bottom and completing the flag pattern on a weekly viewpoint.