Nasdaq - How far will it correct?
NQ appears to be correcting at every 2.5 months interval for this year. Is it just a coincidence that we appear due for yet another correction just as we cross the 2.5 month mark form the last correction in end April?
Should this correction turns steeper, I would be looking for possible supports around 13950 - 14050 (confluence of a previous resistence turned support as well as the 50% fib retracement of the most recent AB swing that began on 13 May). Worst case, we could see a correction to 13700 (61.2% fib retracement).
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Feel free to let me know what you think! :)
Should this correction turns steeper, I would be looking for possible supports around 13950 - 14050 (confluence of a previous resistence turned support as well as the 50% fib retracement of the most recent AB swing that began on 13 May). Worst case, we could see a correction to 13700 (61.2% fib retracement).
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Feel free to let me know what you think! :)
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