From the above chart of NASDAQ COMPOSITE i am clearly able to see a sharp fall and sharp rise as well. Volatility is very high. The fall which started in mid March was very swift and so was the rise. It has a perfect 'V' shaped chart. Whenever 4275 breaks which is the short term trendline downfall could be very swift. Look to short near 4350 and keep SL of 4500.My Ultimate target for Nasdaq is 1900, but levels to watch on the downside which could act as short term supports are 4155,4059.This rally which started from mid May from the 200dma is due to local and small retail investors buying thinking they are buying technology and biotech shares at a reasonable discount. I feel honeymoon period is over. The downfall when develops will be so swift that no one would understand whats happening. Reasons will develop later but chart pattern to me is suggesting something else.
Still not convinced with this rally. It is the last leg of upmove. MARK MY WORDS,DOWNSIDE WILL BE VERY SWIFT.
ReplyDeleteWhat a fall today..NASDAQ down 2%..waiting for waterfall decline..
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