NASDAQ Approaches Important Swing Test
After making a lower low on the large decline and bouncing at the Red Fib's 0.786, the NQ now approaches an important level. This swing test will play a big role in determining whether we can sustain an overall uptrend; or, if we reject, the the new trend is down.
Note that we're approaching two important fib levels:
The Red 0.236
The Yellow 0.786.
I would bet that we see rotation, i.e. failure at the top of the swing - and we plunge lower. The reason I say this from a technical perspective is that we made a lower low of the previous leg; plus, fundamental economic factors (a shattered economy, 16+ million jobless claims) do not bode well for higher highs.
Note that we're approaching two important fib levels:
The Red 0.236
The Yellow 0.786.
I would bet that we see rotation, i.e. failure at the top of the swing - and we plunge lower. The reason I say this from a technical perspective is that we made a lower low of the previous leg; plus, fundamental economic factors (a shattered economy, 16+ million jobless claims) do not bode well for higher highs.
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