In 2022, we've seen ~18% downslide from ATH in Nov 21.
Continuation of correction to long-term mid-channel would be approx 30%, resulting in a PT arround $290 to $295.
Tightening monetary policy with higher bond yields have potential to drive further institutional risk-off portfolio balancing and drive the price lower, especially in a high inflation environment.
Too early to assess total impact, but further downside sell pressure is likely in near-term... at least until CPI #'s publish on 3/10 and FOMC meeting on 3/16.
Trade active
⋅
Bearish continuation with high risk of recession as commodities are spiking and inflation is running rampant.
Trade active
⋅
QQQ continues to show weakness, no change to initial price target to the upside. In fact, given the broader markets, retracement is possibly going deeper than the long-term mid-channel target initially identified at -30%.