NAS100 is already in the correction territory with down more than 10%. If this bear market holds grip, then we might get into the bear market territory with 20% or more correction. This might be coincidental. Let’s get to the numbers behind this reasoning.The lows on Aug 5th carry trade set back was 17300.
The Trump 1.0 tariff also send the
NAS100 down by 23% before the market started a meaningful bounce. If we have a 23% drawdown from the top of NAS100 then we will be back @ 17300. If you plot the upward sloping Fib retracement levels on
NAS100 which we discussed in this blog on 01 March when I sounded bearish predicting a 10% downturn in the near term. Link here. The 0.382 Fib retracement level in this long term upward sloping channel lies around 17300. Tell me coincidence but all these 3 indicators align at 17300. Will the
NAS100 settle at 17300 before this bear market correction is done and dusted? No one knows.Buy
NAS100 from here till 17300.
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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.