Nasdaq: Bulls still not out of danger

Greetings everyone….sharing my thoughts on Nasdaq I see a three wave rise from October lows towards 61.8% Fibonacci retracement. This tells me that there are more chances for another leg down than moving higher towards 7500.

A possible H&S pattern might be forming around current levels with the right shoulder unfinished and with the neckline around 7050. Bulls do not want to see this neckline support being broken. If this happens I will be expecting a move to new lows towards 6700-6800.

 

Thank you for taking the time to catch up on my thinking.

 

 

Leave a Reply