There is rapid parabolic move and correction as consolidation or down trend is due
Usually highly development economy needs to have more potential for consolidation as correction than to down trend for 3 to 6 months as correction.
this is only the view
Distance form the current price to moving average is 45%
As we can see there's a trend reversal in market and bullish movent in the market , it 's a good oppourtunity for long , everything is mentioned in the above pic in details.
NASDAQ:NDAQ
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Why: Monthly Pivot and 50D SMA
Been on a really strong trend. Down almost 10 pts or so today. Looking for a follow through on Thursday for a curl back up from 50D SMA
Remember Indian markets are correlated with the US, what happens on either side will have an effect on the other side as well. No need for panic selling just be cautious as all the major indices are forming bearish patterns and coming to test supports.
RSI: Reversed BEAR to BULL ~40
Stochastic showing over sold and getting reversed.
Disclaimer: Analysis for education purpose only. Seek financial advisor before making any decision
Quite likely we had started at-least an intermediate downtrend on Nasdaq. Monthly bearish engulfing candles don't give comfort .
While i don't think the market has turned ultra bearish, as yet, the. trend possibly has changed for the medium term
