NASDAQ = 2.76x dot com bubble since 2002. Will it pop the same?
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I took some key data points from the dot com bubble and then scaled them to the start of the current bull market in 2009. The time scale is not the same, but a price scale of 2.76x aligns almost perfectly. The dot com bubble went a bit higher (so far as of 11/24/2020). When the dot com bubble corrected it went as low as the bottom of the regression channel. IF (big if) the NASDAQ were to follow the same pattern, then it would also hit the bottom of the regression channel (? icon).
I find the history of the market fascinating and now matter how much people think things are different, they really are not.
I find the history of the market fascinating and now matter how much people think things are different, they really are not.
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FYI, the numbers are arbitrary and do not actually represent Elliott waves. It just so happened that I had 6 points and the wave tool worked out nicely for drawing.
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The wave count would look something like this.
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Here is one possible option for how this thing completes its top via a H&S pattern.
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Another option via ascending triangle reversal or a rising wedge.
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Anyway) author of the this post have made a great job on analyzing the market )
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There will be correction. Definitely yes, someday. But in my opinion correction will finish when RSI on 1W reaches 25-30 points.
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@ProfitHarvest, see my updates above. And yes, by the wave counts we look ready for a correction.
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@Dr_Roboto, We're at B now then? Look at that heavy MACD X, damn. The 1W adds some nice perspective.
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@ProfitHarvest, that pennant pattern confuses me. That is a bullish pattern. Right now it is wedge right under the line but has not broken it. Something funny is up. I am just patiently waiting for it to show its hand.
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@Dr_Roboto, agreed. There is so much confusing stuff going on in this market right now. I am waiting as well
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@Dr_Roboto, Lotta people seeing things act weird recently, especially this week with low volume... more power to the algos.
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@Dr_Roboto, pennant to me is confusing as it is basically completely horizontal, so doesn't confirm a bull or bear flag. A lot of indecision in the market.
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