At critical levels..be very cautious going ahead. VIX is breaking out too. Dow and Nasdaq are at critical supports and fibo levels..any lower and the move could be very fast and painful.
Just curiosity - not a trade idea - the move since trump came has been almost vertical and took it out of the Gann band it was in for a long time. This is the one that has hurt bears the most. SPX's price in contrast is now 4.15X, no mean feat but much poorer vs Nasdaq
The 2 possible reversal points marked...
The upper reversal point has 0.886of the first upleg as a good support plus the 1.618 level of the last upleg as the support and the s2 traditional support and the outermedian line of the pitchfork..
the bottom support is the terminal reversal point for this the harmonic impulse, also supported by the ichimoku weekly kumo...
The trendlines and the pitchforks have been drawn using magnet mode on RSI peaks n lows..
the upward target is the converging area of the median line of the upward pitchfork and R1 resistance and the trend line
Disclaimer... not an investing/trading recommendation
The Nasdaq Composite Index is the market capitalization-weighted index of approximately 3,000 common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estate investment trusts (REITs) and tracking stocks, as well as limited partnership interests. The index includes all Nasdaq-listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds (ETFs) or debenture securities.
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TVC:IXIC
