Nasdaq started its covid bullrun rally from 6,700 points in March-2020 till 16,700 points in November-2021, from where it dropped to 0.38 fib level of its rally in October-2022 (10,600 points). Since October, it has been in up-trend till 14,600 points which is Fib 0.786 level.
Can this be the local top? YES if it gets rejected from here then it might be the retracement of current rally and it can touch its september-2022's low or even drop down below it.
Will this be the end of recent hype around tech stocks, specially the AI narrative?
Time will tell.
My personal bias: BEARISH if it doesn't cross this 0.786 fib level.
Can this be the local top? YES if it gets rejected from here then it might be the retracement of current rally and it can touch its september-2022's low or even drop down below it.
Will this be the end of recent hype around tech stocks, specially the AI narrative?
Time will tell.
My personal bias: BEARISH if it doesn't cross this 0.786 fib level.