Wolf

NASDAQ IS CLOSE TO REACH 2000 DOUBLE TOP

FX:NAS100   NASDAQ 100 index of US listed shares
109 1 2
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.
Wolf
2 years ago
Sorry for the double post. There is a line at 4089 which I made and is not showing when I published. I can see it in the image thumb before getting into here though. I tried to republish it, but it isn't still showing.
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