We have drawn this line over the weekend. We also pointed out a new down trend is formed last Friday on the NASDAQ daily chart.
Last week, we warned that :" Based on the moving pattern of QID this morning, I feel that yesterday 's 1,879.92 of NASDAQ may be a top/high for some time. More confirmations will be developed and posted here." I hope you all have paid attention to this info.
The past corrections have proved to be a good buy in dip opportunity since March this year. Will this time be the same ? Will the NASDAQ be able to make a new higher high again after the market correction ?
What I can say is don't gamble now! Wait for a more clear signal ! One thing is for sure, unless the NASDAQ can breakout the line we drew here, no hope for a home run yet!
PPCO up ~10% today in a bloody day. The initial call of it is ~2.02. Today the high of it is 2.87.
Oil is down to 70 now. And gold is down to 928. Dollars are becoming stronger as well, at least at the moment.
I already took profits on PPCO today. Thanks.
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