Friends, as you can see from the linked ideas I have been able to use fib levels to good effect when predicting where price will go. Let's use them once more! As we can see, the Nasdaq (as well as several other indices including the all-important Russell 2000) have been bouncing off respective fib levels. Russell once again seems to say GO. This time, however, I expect limited upside. It appears the markets are in a larger-scale consolidation. They may be rolling over or, as the case may be, gathering strength for new highs. I'm sure the exact move will depend somewhat on the news. I conservatively target the boundary of the consolidation for trade completion.
The Nasdaq in particular has been hard-hit due to poor numbers from tech names, and may be due for a rally.
A trade is Nasdaq at this level is a 1:4 / risk:reward.
The Nasdaq in particular has been hard-hit due to poor numbers from tech names, and may be due for a rally.
A trade is Nasdaq at this level is a 1:4 / risk:reward.
Comment:
Look how right I was on the daily chart! Last push lol. Actually, we may well have a rebound but this action is looking very toppy.
