Nasdaq QQQ Rounded Top? Potential Repeat of .COM Bubble Burst?
So far 2022 has gotten off to a very rough start for the Stock Market, with Russell & Nasdaq declining over 20% & s&p declining 14% from it's all time highs, while also making records with s&p having it's worst month since 2008/2020, worst april since 1970, and Nasdaq having it's worst month since 2000/2008, worst april since 2000; many are wondering when the pain will end and i hate to be the bearer of bad news but if the analysis is correct this could just be the beginning of the bear market.
Comparing 2000 to 2022 there are some striking similarities, too many new stocks that make little to no money have flooded into the market, and high quality companies are getting destroyed because of overvaluation from years prior...
BUT one of the biggest similarities i'm seeing, on the nasdaq anyway, is that it appears the market makers are manufacturing a rounded top pattern on the monthly timescale, and we have broken below the neckline on this latest candlestick, so is this confirmation that we'll have more downside ahead? or is it a fakeout? we'll just have to wait & see.
Comparing 2000 to 2022 there are some striking similarities, too many new stocks that make little to no money have flooded into the market, and high quality companies are getting destroyed because of overvaluation from years prior...
BUT one of the biggest similarities i'm seeing, on the nasdaq anyway, is that it appears the market makers are manufacturing a rounded top pattern on the monthly timescale, and we have broken below the neckline on this latest candlestick, so is this confirmation that we'll have more downside ahead? or is it a fakeout? we'll just have to wait & see.