The NYSE FANG+ Index, which constitutes: Tesla, Nvidia, Alibaba, Baidu, Twitter, Facebook, Apple, Amazon, Netflix and Alphabet, have in my work, topped. In particular, those of which are US-born names. Some may get closer to their current ATHs than others, and others may consolidate in a B wave more than others, but overall as a general trend, many of them have reached their complete and total top.
A lot of people were angry at my Tesla call where I accurately predicted that the top was reached and it will begin to crash - this deemed to be correct and spot on. Since then, many people on TradingView have copied my Tesla chart almost identically with different colours now that they have already seen a significant demise in the technicals of the stock.
This is not the time to be taking risk and artificially believing large-cap US tech can "go up forever" otherwise you will get burned in the next half year and several years beyond.
Trade large-cap tech with extreme caution. This risk is not just limited to FANG stocks - but also - stocks like Peleton, that have soaring valuations; that are totally unrealistic, unsustainable and unachievable.
Your right On,
We should be looking for a proper double or head and shoulder pattern TOP
BoundByLight
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Appreciate your work.
soremkristensen
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@BoundByLight, can you elaborate what you liked about this?
soremkristensen
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This is not okay to post without a followup.
STOPcallingTOPS
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how wrong can you get...
Cratchit
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Will this B wave correspond with your wave 5 on SPX? Both to complete in October?
PaulDeep19131
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@Cratchit, Likely, yes. Tech will need to stabilize (probably not for another 2 to maybe 3 weeks) before it can stabilize and bounce a little to allow for the SPX and Dow to rise.