Recent trend line between March and July highs have failed to go into correction, and I really see an overvalued price into NAS100 at this moment, specially compared to other indexes like SPX500 where even if we see it overbought, it respects the very ordered trend line and going in corrections at the expected and speculated times where most investors would though.
However, in the case for NAS100 we can see more fake breaks, where it has returned into the trend line and not being a little bit more "rebellious".
But I see that the recent spike might be by the attempt to reach to 4089 price. If we see the big picture of NAS100, we can see a very big bubble 14 years ago (2000), where we can find a double top with 4089 as high price resistance.
I am not saying that this is it and it's time for the big correction the bears have waited for, but I do think this point is an "excuse" for the overvalued spike NAS100 is having in the short term, and we could see a correction soon.
However, in the case for NAS100 we can see more fake breaks, where it has returned into the trend line and not being a little bit more "rebellious".
But I see that the recent spike might be by the attempt to reach to 4089 price. If we see the big picture of NAS100, we can see a very big bubble 14 years ago (2000), where we can find a double top with 4089 as high price resistance.
I am not saying that this is it and it's time for the big correction the bears have waited for, but I do think this point is an "excuse" for the overvalued spike NAS100 is having in the short term, and we could see a correction soon.