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lonercapitalist

Massive downside for the NASDAQ - fall to 7700-7800 level

Short
US 100 Index (TVC:NDQ)  
lonercapitalist  
TVC:NDQ   US 100 Index
Trend Analysis Chart Patterns Wave Analysis
3
1
trendanalysis chartpattern waveanalysis
The nasdaq is in a large wave C in an ABC zig zag pattern

Why 7700-7800 is the reversal level:
-wave A of the zigzag is a leading diagonal, signalling downside >1:1 ratio for wave A:wave C
-the 1:1.618 ratio has no support
-the 1:2.618 ratio has support at 7700-7800
-this level coincides with a strong monthly support line as shown below

snapshot
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