Long term log chart of the NDX. Back to the top of the channel that we've been riding since the end of the 2009 financial crisis. Are we destined to rippy rip higher to the broader channel dating back to the creation of the index in the mid 1980s, or go through a bigly correction of this current wave? Maybe back to 8500 or so?
I posted a bullish chart on MCHP last week, but wanted to follow-up with the downside risk. If market weakens then i think it could drop to ~$90 range which was support in 2019... would setup a nice inverse H&S pattern with a target of close to $160
MSFT is key leadership in the market. Most of the market has been correcting since early/mid June while AppleSoft has continued to rip higher. Seems like this is more of a catchup trade vs the leadership rolling over. Very possible we need one slight lower low to complete the 5-3-5 flat, tag the bottom of the channel before moving higher. Thoughts??