Chart shows an NDX that has retraced more than 61.8% since its tenacious climb to 2240 (from its 2002 low of around 800).
Where NDX is now is also 2 times the neckline of the HS seen in the monthly chart, and also where fib ext 161.8% is.
Should support at around 1164 fail to hold, NDX could easily nosedive to its 2002 low, or even lower - to 700 ie. fib ext 261.8%
_________________________________________Where NDX is now is also 2 times the neckline of the HS seen in the monthly chart, and also where fib ext 161.8% is.
Should support at around 1164 fail to hold, NDX could easily nosedive to its 2002 low, or even lower - to 700 ie. fib ext 261.8%
NDX Weekly
I'm seeing a bear flag.
Where NDX is pausing now seems like wave 4 in the making in the downtrend that began in late 2007.
Weekly chart's not looking good for the bulls.
_________________________________________Where NDX is pausing now seems like wave 4 in the making in the downtrend that began in late 2007.
Weekly chart's not looking good for the bulls.
NDX Daily
Not looking so good for anyone.
I see:
1) a wedge
2) what looks like either an incomplete or truncated wave 5
3) a double bottom
4) faded gaps (which gives me the feeling that NDX is all set to go down some more)
_________________________________________________I see:
1) a wedge
2) what looks like either an incomplete or truncated wave 5
3) a double bottom
4) faded gaps (which gives me the feeling that NDX is all set to go down some more)
My stand?
NDX will probably make an attempt to hit 1368.
If the resistance holds, NDX could easily plunge back down to around 1190, for starters.
_________________________________________________
NQ 30min
3 resistances:
1318, 1336, 1354
I'm expecting NQ to dive right back down to around 1190 before the end of this week.
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