A large H&S formation appears to have formed which is a bearish signal in one of my other posts I already forecasted the NASDAQ bubble and you can read more about that there.
The NASDAQ resembles the world largest tech companies in the world like Facebook, Apple, etc. and this fall will affect the general sentiment about these sectors. Not only that, it's also one of the biggest earning sectors and if stocks fall more we can see contraction and thus less jobs. Since many new tech companies in the thriving Blockchain economy also fall somewhat under the same category this might affect crypto too as investors are too easy in throwing huge amounts of money into project which have no return revenue yet, no product, no large everyday userbase and are all for the moment highly speculative.
The Fibonacci extension and logarithmic support line are 6277/6480, below 6277 things can get nasty but this should hold for now.
The NASDAQ resembles the world largest tech companies in the world like Facebook, Apple, etc. and this fall will affect the general sentiment about these sectors. Not only that, it's also one of the biggest earning sectors and if stocks fall more we can see contraction and thus less jobs. Since many new tech companies in the thriving Blockchain economy also fall somewhat under the same category this might affect crypto too as investors are too easy in throwing huge amounts of money into project which have no return revenue yet, no product, no large everyday userbase and are all for the moment highly speculative.
The Fibonacci extension and logarithmic support line are 6277/6480, below 6277 things can get nasty but this should hold for now.
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Here's a rough sketch where I try to resemble the previous NASDAQ bubble to current structure.
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If it would go down hard 4220 would be our Elliot Wave support.
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Tech Bubble is still in denial. www.marketwatch...owth-2018-04-21?&sitei...
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The H&S looks bit invalidated we will have to see how it develops further.
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If it does break this neckline will go down more for sure.
Trade active:
H&S formation still in play! Getting interesting now
Order cancelled:
H&S invalidated