Nasdaq Composite Euphoria: time to SELL
Dangerous rising wedge here, this is usually followed by a surprisingly sharp correction, taking some greedy investors off guard.
I don't think IXIC will rise to 10300 this month, the top of the fibonacci ascending channel I mentioned in previous ideas. The previous all time high, 9800 to 10100 is very strong resistance, so 11000 is very unlikely before some serious correction, possibly taking IXIC down to 8200. Depending on the amount and severity of bad news, e.g. second wave corona virus, USA-China tension, USA domestic unrest, the correction might bounce from 8000s or drop to 7700, the bottom of channel.
Shorting here is not wise, as the long term picture remains extremely bullish, 20000 is no problem at all in 2024 to 2025. Best strategy is just waiting for the panic to finish, buy at the 8000 bottom, then boom easy profit by mostly waiting!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.