Hello traders,
What a wonderful week it was for the bears. Nas100 took the lead to guide the way to the downside, followed by S&P 500 and US30. We also saw Gold and Silver taking the leadership of Nas100 to move to the downside. What else could we expect? This steep drop always cause panic among investors, they begin withdrawing and run to bonds. This shouldn't cause shock, obviously everytime a stock runs higher there should be a deep or reasonable correction. As I said in my previous analyses, fear causes many to sell off and this we have seen with Nasdaq100. The sell off obviously helped to fulfill the technical side of the indexes. We mustn't be surprised if we see a strong move up to the upside. Remember: 'When others are fearful be greedy, and be fearful when others are greedy.' For many they may tend to think the selling will continue going on so they sell off with everything they have, but the truth is, stock will always rebound and again shoot higher.
This time I am watching the game far, the market being dominated by fear and I know it will soon cool off and very soon. I am waiting to see what will happen when Nas100 reaches the support of the rising channel. Will it violate it to meet the confluence zone where the 200 moving Average is or will the support of the rising channel hold? Only time will tell. As for now sellers have to be reminded, that this is Nasdaq100, we need to respect it and start backing down. Hahahaha.
Traders, if you find this idea helpful and you appreciate me sharing my thoughts please show support with likes and comments.
Trade smart!
What a wonderful week it was for the bears. Nas100 took the lead to guide the way to the downside, followed by S&P 500 and US30. We also saw Gold and Silver taking the leadership of Nas100 to move to the downside. What else could we expect? This steep drop always cause panic among investors, they begin withdrawing and run to bonds. This shouldn't cause shock, obviously everytime a stock runs higher there should be a deep or reasonable correction. As I said in my previous analyses, fear causes many to sell off and this we have seen with Nasdaq100. The sell off obviously helped to fulfill the technical side of the indexes. We mustn't be surprised if we see a strong move up to the upside. Remember: 'When others are fearful be greedy, and be fearful when others are greedy.' For many they may tend to think the selling will continue going on so they sell off with everything they have, but the truth is, stock will always rebound and again shoot higher.
This time I am watching the game far, the market being dominated by fear and I know it will soon cool off and very soon. I am waiting to see what will happen when Nas100 reaches the support of the rising channel. Will it violate it to meet the confluence zone where the 200 moving Average is or will the support of the rising channel hold? Only time will tell. As for now sellers have to be reminded, that this is Nasdaq100, we need to respect it and start backing down. Hahahaha.
Traders, if you find this idea helpful and you appreciate me sharing my thoughts please show support with likes and comments.
Trade smart!
