From TradingView · · 1m 20s
A short setup on the Nasdaq
An Elliott Wave trader calls the Nasdaq the next index to crack, and keeps the plan deliberately simple.
In brief
An Elliott Wave trader calls the Nasdaq the next index to crack, and keeps the plan deliberately simple. When the broad market is breaking down, a short on the strongest index is a correlation trade, not a prediction. Originally reported by TradingView.
Nothing is holding
ElliottWaveBelgium sees support failing across the board. The read is that weakness is broad, not isolated to one corner of the market.
“Looks like nothing is holding”
Nasdaq is not exempt
The US Tech 100 has led on the way up, but the call here is that it follows the other indices down rather than decoupling from them.
“NDX doesn't seem to be an exception”
A simple short
No layered conditions or complicated triggers. The position is short the index, posted about an hour after the setup was spotted.
“We have a simple short setup here”
Pick your own stop
The trader leaves the risk level open. High of the day, an EMA, or whatever fits how you trade, the exit is yours to define.
“Use the stop you want, like the high of the day for example”
Style over prescription
Two traders can take the same idea and size the risk differently. The setup gives direction; your play style sets how much room it gets.
Not advice
TradingView flags every published idea as opinion, not a recommendation. Treat the chart as one trader's read, and do your own work before acting.
“The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice”
The one thing
When the broad market is breaking down, a short on the strongest index is a correlation trade, not a prediction.
