Nasdaq 100: Near term reversal?
Updated
Hi Everyone,
After a significant sell-off today, my interpretation is that we're in the midst of a B wave correction.
I think that we'll rise back to 13.3k during the next few days, before a sell-off again to complete the ABC correction around 12.3k.
However, as the downward momentum is notable, risk needs to be carefully managed.
Good luck!
After a significant sell-off today, my interpretation is that we're in the midst of a B wave correction.
I think that we'll rise back to 13.3k during the next few days, before a sell-off again to complete the ABC correction around 12.3k.
However, as the downward momentum is notable, risk needs to be carefully managed.
Good luck!
Note
As the 13.3k level has been reached earlier than expected, it seems likely that the wave "b" was instead wave 4 of the C correction.Unfortunately, this invalided the earlier analysis, but should mean the index has found support and is now expected to rise - the first target should be around 13.1k (i.e. the 50% Fibonacci level).
Note
edit: 12.3k rather than 13.3k level.
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