NASDAQ - Morning dose of trend lines, channels, wedges, and Fibs

13 Okt 2020

A lot going on in this chart. The short summary is that the NASDAQ is right at the intersection of several key TA items. The key fib level to watch is the 0.9 extension from recent low, the trading channel that captures the FOMO region, and watch for a break down below those rising wedge lines. The NASDAQ has broken above its rising wedge due to FOMO/MOMO just like August. IMO, when you see this kind of action (market getting ahead of itself) a noticeable correction is to follow in the coming days that burns most of that off (just like the recent ATH and in the S&P 500 in June).





Sept 2nd ATH for reference


Hope this helps