Nasdaq reentered the in my former analysis mentioned trading box and crashed furthermore through the 200 - a longterm selling Signal appeared.
The sellout reached till the uptrends bottom and kissed exactly!!! the Extended fibolevel 261,8% ! Thats phatastic that a Turnaround started from this Level on! The pullback now has reached its normal-correction Level, the fibo 0,5.
From now on the breakout Level (trading box bottom edge) at 4344 turned into a very strong . Here is also based the max. pullback Level dibo 61,8%!
Prices below that Level underlie the movement.
Former Analysis: Saved in the last moment?
Did the 0,5 fibo retracement stop the pullback or is it just a dead cat bounce on its way down?
Two days ago the index seemed to fall back in its tradingbox (blue). In former days this level always was suitable for shortscalps with target @ the tradingbox`s lower edge. @ 4.400. This level should be a strong support, because there are basd the and 200.
The yesterdays candle bolsters up that the downtrend of the last tradingsessions can be possibly stopped.
-Prices above the vox upper edge @ 4.550 will strenghten the - a first target could be the last High @ 4692