NASDAQ gave way into May
Another down week in the NASDAQ, as expected. PReviousl expectations were generall in line, although how things panned out were more volatile... bearish for NASDAQ IMHO.
The weekly chart looks even worse now than previously, and it is not about breaking below 13K conclusively. It did a swooping technical rebound, only to be a dead cat bounce, where the next session wiped out the week's worth of effort to recover 13K. This resulted in a long upper tailed candle; in both charts showing the bearish momentum and that it is more likely to continue.
The 12600 light support held up for now, and given the candlestick patterns and technicals, further downside should be expected, albeit volatile attempts to test 13K.
Previously marked out 11700 for next support once 12600 gives way; downside target now projected (by Fibonacci projections) at 11,100, about early to mid-June 2022.
It is very possible to see a quick dip in the coming week to 11,700, then a sizeable rebound, only to push down yet again.
Let's see... tread carefully.
Bearish is as it bearish does.
The weekly chart looks even worse now than previously, and it is not about breaking below 13K conclusively. It did a swooping technical rebound, only to be a dead cat bounce, where the next session wiped out the week's worth of effort to recover 13K. This resulted in a long upper tailed candle; in both charts showing the bearish momentum and that it is more likely to continue.
The 12600 light support held up for now, and given the candlestick patterns and technicals, further downside should be expected, albeit volatile attempts to test 13K.
Previously marked out 11700 for next support once 12600 gives way; downside target now projected (by Fibonacci projections) at 11,100, about early to mid-June 2022.
It is very possible to see a quick dip in the coming week to 11,700, then a sizeable rebound, only to push down yet again.
Let's see... tread carefully.
Bearish is as it bearish does.
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