Nasdaq - Short term correction?
What a plunge yesterday although so far, we are still within the limits of a "normal correction".
NQ's 5% drop stopped short @ 38% fib retracement of the swing up from 24 July.
Should Nasdaq continue to fall today, there is a good chance it will find strong support around 11383 (where there is a confluence of a trendline and the 6.18% fib retracement supports). And we could have a bullish divergence in the works too.
Not bearish unless NQ breach the 11383 support. Let's see what happens!
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade
NQ's 5% drop stopped short @ 38% fib retracement of the swing up from 24 July.
Should Nasdaq continue to fall today, there is a good chance it will find strong support around 11383 (where there is a confluence of a trendline and the 6.18% fib retracement supports). And we could have a bullish divergence in the works too.
Not bearish unless NQ breach the 11383 support. Let's see what happens!
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade
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