Currently looking at this short position on $IXIC focusing on the 0.618 fib located at $6952. The fundamentals maintain this short play, with the downside protection broken.
Ascending channel broken for the second time, fibs support a drop, EMA 50, 100 & 200 on 4H and 1D are all broken to form resistance. No obvious resolution to trade war.
This is just the worst case scenario, don't take it too seriously. BTW it is still a possibility considering that stocks were in a bubble pumped artificially by the FED. We'll check at least 2 years from now.
NASDAQ COMPOSITE’ (IXIC) is also ready to continue falling.
We have the bearish divergence on the RSI , which resulted in a huge crash when it showed up back in the year 2000.
Right now is different, IXIC is already going down strong.
Expect for to go down further.
Support levels marked on the chart.
Note: This is no trade advice.
Namaste.
The Nasdaq Composite Index is the market capitalization-weighted index of approximately 3,000 common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estate investment trusts (REITs) and tracking stocks, as well as limited partnership interests. The index includes all Nasdaq-listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds (ETFs) or debenture securities.
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IXIC
