NQ1! Nasdaq 2021 Aug 09 Week

NQ1!

NQ1! Nasdaq 2021 Aug 09 Week

Market initially resisted at Bar 1's high. Later an upthrust is formed as market advanced on declining volume.
Market still in uptrend while building its cause.

Monthly: Narrowing spread = weakness (takes time to unfold_
Weekly: Narrowing spread, Effort no Result = Weakness. (Wait for weakness in LTF to flow through to Weekly)
Daily: Reduced volume on up bars, No demand
H4: Shakeout followed by No Supply, however close is below shakeout bar. Need to wait for
confirmation of strength.

Strategy for Short:
1) Upthrust followed by weakness. If 15134 - 15172 is tested and resisted = short
2) if 15059 is breached and becomes resistance

Strategy for Long:
1) Green zone or 14850 if supported there
2) If supported at demand line of channel

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