Not too confident in a bounce monday even with indicators in oversold territory. Two days is a long time for news to build up. Might take a short pos for gap down monday. Either way, were at and reacted to both median lines (dotted line) for the two channels. Does this mean lower?
One of my followers warned me yesterday that NQ was overbought, so here's the chart.
Much bigger drop than expected, I'd say the melt up is probably over. This is why I only buy calls when futures are bouncing from oversold conditions.
No predictions other than to say it's a little early to buy calls, if Asians and Euro markets sell of tonight then we get a gap down.
scary as i was watching some positions and had to close some.
This "flash move" (not saying the C word) showed how fragile the current market is - investors are hanging by a thread ready to flee ..
who agrees :) ?
Short term Elliott wave view in NASDAQ (NQ_F) suggests the Index ended the cycle up from February 1, 2020 low in wave 1 at 9687.50 high. The index then corrected that cycle up in wave 2 as a zig-zag. Wave ((a)) of 2 ended at 9655.50 low. The bounce in wave ((b)) ended at 9669.25 high. It then resumed lower in wave ((c)) of 2, which ended at 9536.85 low. The index...
The second fourth wave could start in the next or the following week as indicated in the following post.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
This higher high caught me off guard.... Hence, one must be careful.
15 min chart => Potential head and shoulder pattern if price go below the level
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As discussed for S&P 500 (see below), I am expecting a series of fourth waves in NASDAQ 100. The first of these fourth waves is likely complete and the second fourth wave could start in two weeks (between 17-24 February) from around 9700.
I am expecting an uptrend from mid-March to mid-May taking NASDAQ to above 10000 after which the the third fourth wave could...
My previous Nasdaq analysis
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Apple revenue warning could be a wake-up call for the markets. The coronavirus should have a temporary impact on the global economy, but the magnitude and length of this impact is still a grey area.
Below is a weekly chart of the Nasdaq 100. The latter looks clearly overbought. It duplicated exactly 100% of the 2016/2018 rally, but in twice less time with a near...