The Nasdaq Composite (COMPQ) index has moved backed to the 1×1 ascending angle as expected. Price overbalanced to the high side and then to the low side. The next move is often a move back to square price and time. In this case, price moved back to the 1×1 angle off the March low. Volume rose with the breakout from the consolidation. A bullish move will follow the 1×1 up until exhaustion. A bearish move will fail quickly. Trade accordingly.
Chart courtesy of Stockcharts.com
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Tags: Breakout · Gann Angle Fan · Nasdaq Charts (IXIC)2 Comments
Why the heck is the VIX up today?
I know it hit the lower trendline, but my expectation when I graphed it was to see that trendline broken?