Hi everyone, I hope everyone is doing well.
I wanted to give a quick update on Nasdaq and my prediction for the next month or two. I believe Nasdaq is taking the foot off the pedal as we can see through indicators such as MACD and RSI on the daily chart. I think the Nasdaq will push up towards the 15355 area or 15240 before going into a correction. The Nasdaq is overheated and we haven't touched some of the important uptrend trendlines in a long time. The grey lines are some of the important uptrend lines that need to be tested. Some of them line nicely up with fib levels for a wave 4 correction at 0.5 and 0.382.
I'm scared though that the Nasdaq won't hold at these levels. With the previous corrections this year being greater than 10% the Nasdaq has to fall significantly below the uptrend line. Also with more people getting covid because of the delta and people socialising more, I'm afraid that this fall might become nasty for tech-holders.
If you have any comments or ideas please share them below and I will be happy to discuss/answer questions.
Stay safe and I will update everyone along the way with new posts:)
I wanted to give a quick update on Nasdaq and my prediction for the next month or two. I believe Nasdaq is taking the foot off the pedal as we can see through indicators such as MACD and RSI on the daily chart. I think the Nasdaq will push up towards the 15355 area or 15240 before going into a correction. The Nasdaq is overheated and we haven't touched some of the important uptrend trendlines in a long time. The grey lines are some of the important uptrend lines that need to be tested. Some of them line nicely up with fib levels for a wave 4 correction at 0.5 and 0.382.
I'm scared though that the Nasdaq won't hold at these levels. With the previous corrections this year being greater than 10% the Nasdaq has to fall significantly below the uptrend line. Also with more people getting covid because of the delta and people socialising more, I'm afraid that this fall might become nasty for tech-holders.
If you have any comments or ideas please share them below and I will be happy to discuss/answer questions.
Stay safe and I will update everyone along the way with new posts:)