Using a AB=CD Fibonacci method, one can project a top of about 2065 on the $NDX. As shown here, by one set of pivots we have a .500 node and are striking a trendline. This is a strong top warning (again) and needs to finish it's probable Fib target and decline with one hard down day as confirmation of the top...This recent period has had three top setups, which did come to pass...The geometry has been very crowded, with multiple overlapping trendlines. Tomarrow is the last day before we pass a Bradley turn date (on Saturday) so we can take that as added evidence that the FINAL top to this Nasdaq rally is close...
2 comments:
Good call, Mark! Well done.
Hi Shawn!,
Yes, this morning the sentiment gages were registering euphoria, which along with a .500 logarithmic node, is usually associated with fairly major tops...also the 13 and 20 day moving averages of equity put/call crossed over about a week ago, and has now rolled over steeply..many signs are saying this rally should be over...plus of course, the Bradley turn date this weekend...
Regards,
Mark L.
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