NASDAQ (QQQ) 2016 Rally Coming to an End?
Things have been different lately in the NASDAQ. It has really leveled off in December and last week was rough. I laid out some trend lines and fib levels. To me, it looks like the rally from 2020 helped QQQ regain the bullish channel from the 2016 correction. Also, if start a fib sequence at the Feb 2016 low and a 1.0 at 2018 peak, then Nov 22 was a perfect touch of the 2.146 fib extension. We then had a retest for a double top on Dec 27th (but came up short). Since then we have been trending down. If you look at teh RSI you can also see that the recent ATH happend on a noticable lower RSI value, which is a bearish indicator (divergence). Saw the same kind of setup in 2015 and 2018.
Hard to know if we will try another rally to touch/break the 2.146 fib ($408), or we will see a stronger pull back.
1D
4h
Hard to know if we will try another rally to touch/break the 2.146 fib ($408), or we will see a stronger pull back.
1D
4h
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