The tech stocks witnessed deep corrections of over 30% on Nasdaq. Nasdaq was one of the most underperforming indices in US and the bearish momentum prolongs on the first day of 2023. The Bullish Harmonic pattern on $Goog confirmed the reversal but today's dip seems an opportunity to go long. The pattern negates on breach of $80.
* Wyckoff Analysis * Distribution Phase * Doji @ top #Invalid above 12050
* Bullish Anti-Nenstar Harmonic Pattern * Oversold RSI
* Bullish Harmonic (in Blue) * 61.80% Fib retracement * Trendline retest (pink lines) -> Invalidate below 19,190
Index is trading in rising channel formation (marked green) for nearly 45 days. The falling shoulders and falling waists suggests the downside momentum towards 19,300-19,400 levels. RSI has begun its southwards journey after resisting near previous low.
Bullish shark pattern at support of Symmetrical Triangle.
Bearish Harmonic with PRZ @ 1.1495-1.1510 for target 1.14-1.1370. The pattern fails on the breach of 1.1530 levels
Bearish Harmonic RSI Stochastic Bollinger bands
Nifty likely to cool-off from 7,500-7,540 zone towards 7,200-7,250.
The decade of bull run from ~$260 in 2001 to $1920 in 2011 (6X) on back of safe haven buying and an investment asset class ended with revival in major global indices and on track economies. The 5 years of slow and steady pain from 2011 to 2016 where gold lost 45% of its glittering from its peak might come to an end. We might witness the resumption in the bullish...
Bullish or Inverse Head & Shoulder (in green) and Bullish Flag (in black)