The minor support line which has seen the meteoric rise of the nasdaq since 2020, appears to be close to being broken.
The next major support line is some 39% lower than the current nasdaq price.
Will it reach this level, possibly not. However owners of stocks in the nasdaq should be wary that this drop could be possible and therefore I would not buy at this level and would consider reducing my position.
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All - Please refer to my latest chart for more detailed indication of the bear market that will be possible in the Nasdaq.
What i failed to say above is that the Nasdaq INC stock and Nasdaq index are highly correlated, and that if the Nasdaq INC stock looks like it will break a key trendline, the index will likely follow.
My latest chart is clearer but the message is still the same. A key break of a trendline appears to be close.