I believe the nasdaq will continue to fall for at least a couple of days.
Nasdaq has been growing for the past four weeks gaining back its losses. (22% from bottom)
On a daily chart you can see it hit a major resistance and made a false breakout which probably lured the last retails into long positions.
Stochastic oscilator has formed a rising wedge which is a clear sign of the index trying to break lower.
Vix is sitting (bottomed probably) at a very similar prices it did 5th April when it fell down by 24%!
The nasdaq will probably go down to 12 600 but it might as well drop down to the 10 000.
Trade at your own risk, this is my idea I want to share and not a trade recommendation.
Personally I've been keeping a short position for a few days so I'm happy it finally started to show signs of turning.
Nasdaq has been growing for the past four weeks gaining back its losses. (22% from bottom)
On a daily chart you can see it hit a major resistance and made a false breakout which probably lured the last retails into long positions.
Stochastic oscilator has formed a rising wedge which is a clear sign of the index trying to break lower.
Vix is sitting (bottomed probably) at a very similar prices it did 5th April when it fell down by 24%!
The nasdaq will probably go down to 12 600 but it might as well drop down to the 10 000.
Trade at your own risk, this is my idea I want to share and not a trade recommendation.
Personally I've been keeping a short position for a few days so I'm happy it finally started to show signs of turning.