Nasdaq has been in bearish trend this year and will continue to do so as there are no clear signs of reversal in terms of Macros or technicals. However as per its cyclic behavior during this bearish trend, it gets to test the trend line by making lower highs on daily candle around 70 days after its previous high and touches around 0.618 Fib levels.
Nasdaq has completed its Head and shoulders projections and rose from a key support level, we might see a retracement of 0.618 fib level as we are near the completion of that time cycle. After completing its 0.618 fib retracement it will most likely continue its down trend making lower lows.
Historically October and November favors bulls, therefore my theory is making a confluence here.
Nasdaq has completed its Head and shoulders projections and rose from a key support level, we might see a retracement of 0.618 fib level as we are near the completion of that time cycle. After completing its 0.618 fib retracement it will most likely continue its down trend making lower lows.
Historically October and November favors bulls, therefore my theory is making a confluence here.