As illustrated the nasdaq is about the complete the ABCDE pattern, it also broke a crucial support level which is also the .0618 fib level. EMA's also showing we're still in a downtrend and are not getting out anytime soon.
This will mostlikely take some time to develop and is good for the swingtraders among us.
Trend is key.
This will mostlikely take some time to develop and is good for the swingtraders among us.
Trend is key.
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I think level 0.786 of the fib ( TP1 ) will be taken easily and dump further, there is no support at that level so we're going to the 1 level of fibonacci, where there is support, see february 2020.