Why do I short the NSDQ100? Target price: 10850
What does the double top and Fibonachi say?
As a trend filter, it is worth using the 200-day moving average to identify the main direction and then looking at the currently observed patterns.
A reinforced double roof TOP formation has already been assigned around 20 November and 28 December 2021, which I have marked with circles on the chart, it has shown a great indication of the expected direction of price movement and the extent of the decline.
It is very interesting to note that shortly afterwards, on 2 February and 29 March 2022, a perfect second double TOP formation was again shown. The break down point came yesterday, which is only being retested today with the recent temp. climb.
The double roof and fibonachi extension data give a very similar target price for the Nasdaq-> 10850.
What does the double top and Fibonachi say?
As a trend filter, it is worth using the 200-day moving average to identify the main direction and then looking at the currently observed patterns.
A reinforced double roof TOP formation has already been assigned around 20 November and 28 December 2021, which I have marked with circles on the chart, it has shown a great indication of the expected direction of price movement and the extent of the decline.
It is very interesting to note that shortly afterwards, on 2 February and 29 March 2022, a perfect second double TOP formation was again shown. The break down point came yesterday, which is only being retested today with the recent temp. climb.
The double roof and fibonachi extension data give a very similar target price for the Nasdaq-> 10850.