NDX - 6M Candle Will Strike Fear 😨🙀
Well the whole year has been bearish and for anyone paying attention its obvious that this has to be a serious crash structure.
That said in the dot com bubble crash there was a bounce albeit in smaller time frame and in the topping area.
When fear strikes the market has habit of going the other way and I think that is about to happen.
Bullish divergence on the weekly chart.
And I think we will see another 0.618 bounce (or slightly higher) into the Autumn.
Many big tech stocks are down massively over 80% and some even more.
And so it appears there are high profit swing opportunities coming up and I am already accumulating a few stocks.
I would not buy the index in a crash structure however but I will look to short it if it can get into a shakeout reversal zone 0.618 - 0.786.
Not advice.
That said in the dot com bubble crash there was a bounce albeit in smaller time frame and in the topping area.
When fear strikes the market has habit of going the other way and I think that is about to happen.
Bullish divergence on the weekly chart.
And I think we will see another 0.618 bounce (or slightly higher) into the Autumn.
Many big tech stocks are down massively over 80% and some even more.
And so it appears there are high profit swing opportunities coming up and I am already accumulating a few stocks.
I would not buy the index in a crash structure however but I will look to short it if it can get into a shakeout reversal zone 0.618 - 0.786.
Not advice.
Nota
Using this moving fibonacci ratios tool NDX has moved below the white short range fibs so relative to trend it is lower than 2020 low currently.Nota
Descending channel looks more corrective than previous fall. Momentum I think is shifting to the upside even if this channel doesnt lead to upside break. Nota
Nota
Almost all the publishers i check in on are bearish currently. The gravy train just goes on and on they think and imo there is an air of complacency on the short side. VIX down, those silly long suckers that think the bottom might be in...Ok, we'll see...
Nota
NDX falling into another descending channel and currently plumb on the 1:1 extension from the top and has drifted beyond a supply line.This is all bottoming pattern I think and I will be buying stocks on dips .
Perhaps something like this - just a guess.
Nota
Or perhaps it will hold the 1:1 - we'll see.Nota
Forgot to mention that its at log 0.382 retracement so its on a good spot already to move up.It will be somewhere in this area anyhow I think.
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And just like that its fallen as I said and tagged the supply line. Now at 0.5 retracement. I dont think it will get much passed 0.618 but we'll see.
Nota
I keep losing my drawings so you get different colours :DNota
DId i just say that would happen or did I just say that would happen. Is anyone paying attention here 😸?Nota
This whole area is starting to look very obviously like a bottom and not a continuation even without considering RSI divergences.And its really as simple as
1) price is drifting
2) Downward movement is largely in corrective descending channels
3) We're having a repeat to extend the correction and drift further sideways allowing upside cause to build.
Nota
Oh yeh so as I got one guess right already i'll guess again and say that it will tag the supply line again as before at around 0.5 fib circled.But really any movement to the right and its likely to start making its way up. I'll be adding to stock positions on a second touch.
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Well it gapped through and of course a gap needs to be filled so now there is this shakeout reversal hammer potentially about to set NDX free from the supply line.Its a great buy opportunity right here imo in tech and crypto.
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"Shout" goes out to the one TV'er thats paying attention at this pivotal moment Rex19994 😅.Nota
Closes the day back above the supply line after 2 shakeout reversal pattern. I dont think it will be too long now before it starts heading north.Nota
Next week could be gently bearish with one more gap to fill. If it is i'll look for stock dips to complete my shopping list.Nota
Big gap up and breakout away from supply line. The bounce is on!Nota
Closed plumb on the 1:1. There's another gap to fill down at 0.382 that could be good for final buys.Crypto related stocks looking the frothiest - MARA RIOT and COIN
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NDX up over 2% today and once it breaks above resistance this town is gonna go bananas 🍌.Nota
Did someone say "bananas"? 😁Nota
Look like its topped out here short term. Profit taken on tech stocks.Back Probably back to the 0.382 and support from here.
Nota
Too many threads on the go and apologies i forgot to update this one but be sure to follow all index threads (mostly SPX also) if you want to stay up to date. I am now entirely bearish and 100% short.
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I'm taking a break from TradingView👋🏻.
But offering 20% discount to join my group 👍🏻
Lots of content every day with regular videos, 1:1 and chatroom 🚀.
Telegram Group: $40 for first month in January (then $50)✨.
Contact: t.me/dRends35
But offering 20% discount to join my group 👍🏻
Lots of content every day with regular videos, 1:1 and chatroom 🚀.
Telegram Group: $40 for first month in January (then $50)✨.
Contact: t.me/dRends35
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