NASDAQ broke a long term ascending support channel yesterday and its not looking good
The next level of support is 15800 to 15900 levels
There can be a bounce back from that level since overall there are bullish sentiments but breaking down 15800 means we might be looking at 15000 level
I wager #TECH is still the place to earn better gains going forward.
It also doesn't carry the risk of #Financials
and it is not dragged down by slow growth "stable" companies like utilities.
Bleeding edge has always been the place to grow your money
and with #AI manifesting itself for the next wave of user growth along with #CRYPTO
you need exsposure to...
The index has been forming what appears to be a Head & Shoulders pattern for time now.
The confirmation appears to have been confirmed recently.
NFA DYOR
Am expecting an ATH around the $20k zone; let's see if it can get there.
I can.
See it.
And also Believe it.
These securities are measured in #Fiat
which only becomes worth ... less with each passing year.
Until #Vivek comes into office, of course and backs the dollar with a basket of commoditie!
(maybe that basket may include #BTC)
Inverse head and shoulders has massive linear and log targets
Will be fun to watch this play out.
late 90s early 2000 dot com bubble which i was in high school for and this current blowoff area that looks like it may just have started. Any company mentioning AI in earnings goes up...example: Dell and of course the other obvious ones, NVDA etc
Hello everyone,
I just found a bearish RSI divergence on weekly chart of Nasdaq. RSI (14) on February 5 was at 73.05 and 72.91 on February 26. Close was 15990.66, now is 16274.94.
In addition there was a bull cycle of 18 bars on weekly chart from March 13 2023 with price increase of 31.54 %, current cycle from October 23 ended with 29.96 %.
And there is a high...
Take noted the below is not an investment advise, bet at your own risk. I am solely not responsible for any of your loses in money or assets.
The Current Nasdaq Composite price is 13211.81 as of 25 September 2023.
The Nasdaq have potential to drop to 12022.08 to 12000 range in the coming 1.5 months before the Fed's FOMC in November 2023.
The price will hover...
- We can see as follows that the IXIC has been following a comprehensive Elliot Wave movement respecting the weekly high and low Fibonacci levels
- We could see a move down towards $14 723 at the end of Q1 leading into Q2
- evidence to support this is the RSI movement
> Trading around overbought levels
> We can also spot an RSI bearish divergence on the daily,...
This scenario is VERY tricky, let me explain why it could go either way, drastically. I'll separate the bull/bear ideas. The nasdaq looks like it could bounce off the BB bottom for a decent recovery, but, it's to see what happens tomorrow.
Reasons for Bull Rally
This month inflation report is cooler.
With a lower CPI, markets will anticipate a 50 basis...
NASDAQ strong bearish divergence formed
The correction will look like around 500 to 600 points
The next strong support 15500 . It will be a great entry point for buyers
Other analysts are also suggesting a greater correction till 14500 points but I think in an election year this is not going to be that huge correction but no one knows and who actually knows ?
NASDAQ important levels identified and a projection of movements also can be seen
ABCD harmonic pattern identified which can indicate a bearish pattern
so there are two strong cases of BEAR
Volume divergence
ABCD harmonic pattern
A correction is expected now and can be one of the levels identified as support
Market Phases and Historical Comparisons:
The chart outlines two main type of moves, labeled "Dips" and "Legs" suggesting a comparison between a past post bear market period and the current market situation.
There are colored boxes representing different market movements: declines (in red) and upward movements (in green), referred to as "Legs" and "Dips."
...
Contained within this upward channel a double top could form at the top of this channel, however with it being a higher high we can assume further bullish movement after the double top proceeds.
A higher high suggests there is more steam left in the run. Which evidently there is a lot of steam for the NASDAQ.
ending diagonal marks the end of the cycle
expect overthrow to occur by March 2024 with subsequent continuation of the bear market
Bottom somewhere in Oct 2025
