FIB Retracements of Previous Levels (Christmas '18, COVID, Etc.)
Updated
A .786 Fib-Retracement of the COVID Low to ATH takes us to roughly ~8900 on the NNQ, roughly another 20% from today's levels (~11000) and a total of an over 53% fall from an ATH (~16700)
I'd call this "brutal" if there wasn't a precedent in the tech. bubble:
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By the end of 2000, it looked very much like the NASDAQ bubble had deflated. The index was back to 2500 (July 1999 levels), down 51 percent from the March highs.
...
Peak to trough, the NASDAQ fell 78 percent over 19 months, from March 2000 to October 2002.
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Souce: datatrekresearch.com/nasdaq-2000-bubble-comp/
Weekly RSI oversold and MFI could lead to bounces in the interim.
I'd call this "brutal" if there wasn't a precedent in the tech. bubble:
-
By the end of 2000, it looked very much like the NASDAQ bubble had deflated. The index was back to 2500 (July 1999 levels), down 51 percent from the March highs.
...
Peak to trough, the NASDAQ fell 78 percent over 19 months, from March 2000 to October 2002.
-
Souce: datatrekresearch.com/nasdaq-2000-bubble-comp/
Weekly RSI oversold and MFI could lead to bounces in the interim.
Note
Observation from someone I follow this week -we're back to levels from May & June of this year- ~6 months, when you watch the market it feels much longer 🙄 What is even more shocking is reflecting on the fact that we're back to levels of Early August '20, a bit over 2-yearsNot to self: target line is NOT a long-term buying opportunity - macro-conditions and central bank policy if/when we reach that level are much more important to consider!
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