Here you can see I have labelled what I regard as the two most likely trendlines defining the path of the $NDX on down. Keep in mind price action likes to punch slightly past the trendline that turns it before it reverses, so these price points could actually be a bit high... Notice that price-wise these two targets put the next bottom in the vicinity of where the March-June rally started. I can also say that the current drop looks steeper then my calculated trendlines (that I have marked with red arrows) and if the price action doesn't eventually slow down and merge with one of those two lines, then clearly the end of wave 1 of 3 could be lower than I have indicated...
No comments:
Post a Comment