Nasdaq shows clear sign of 200 median cross over below 500 median of donchian channels on half an hr time frame indicates long term down trend has jus begun and price broke 200 period low on half an hr time frame
It's not a question of if, but when. The Nasdaq is ludicrously trading at it's all time high, somehow, when most of the world still doesn't have shops or restaurants open, the current market has been propped up by the Fed and it can't last forever. FAANG+ is well overpriced and considering they are main components of the NASDAQ, they'll be the first to fall....
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.