FDN (DJ Internet Index) Double Bearish Patterns evolving.....
In the Covid-19 fell March/April selloff this index fell approx 32%.
It has regained just about 88% of this range and created a Bearish Bat Pattern.
One can overlay this with a Deep Crab Pattern which started on March 10th and signalled today.
The Deep Crab Pattern typically can have an extention which exceeds 1.618 and can reach as far
as 1.94x so this would target $156.57 area max.
So two bearish formations could lead to rapid sell off if some of the main internet sector leaders fail or
the general market hits an air pocket.
This is a 180 minute chart so price action could evolve quite rapidly
S.
It has regained just about 88% of this range and created a Bearish Bat Pattern.
One can overlay this with a Deep Crab Pattern which started on March 10th and signalled today.
The Deep Crab Pattern typically can have an extention which exceeds 1.618 and can reach as far
as 1.94x so this would target $156.57 area max.
So two bearish formations could lead to rapid sell off if some of the main internet sector leaders fail or
the general market hits an air pocket.
This is a 180 minute chart so price action could evolve quite rapidly
S.
Comment:
Second downside target should be 122
Comment:
Progressing to target