The US100 index has hit the median line of a Pitchfork & showing weakness, it has taken a long time to reach this peak, looking at history it is likely to drop for 2 months towards 13,650. It so stretched that past 4 weeks price has been above the Keltner channel.
הערה:
Having failed to hold above the median line, Nasdaq is now set to meet the move towards target, we have a high chance that October will be dramatic as bulls capitulate. When we touch the next median line we can expect to begin another rally.
הערה:
Nasdaq is on the inclining trendline almost breaking it, we look for price to go lower than this line. Next we will draw a line of resistance touching high points of 17 July, 28 August & 9 October. This resistance becomes the line that defines whether we are leaving behind a weekly low, meaning it is time to go long on correlated assets.