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While most articles are partially visible without being logged in, please be aware that some TSC members only articles are not viewable at all unless you are logged in. You will not even see the articles previewed on the home page as a recent article that I've written.
So, in the near-term, please be certain to log in to make sure you see any new content has been published. I intend on trying to get out a number of updates for charts I've been reviewing during the week, but you will need to be logged in to see all the updates as not all will be publicly viewable.
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NASDAQ Composite Pullback Watch
About 2 weeks ago in the Idea Chamber I mentioned that the NASDAQ Composite had met the minimum requirements for its Bullish Impulse wave pattern when the index hit 7,505.77 in late January.
Well, the index had a tough week after that post with an approximate 10% sell-off. The index did however have a nice reversal on Friday afternoon 2 weeks ago. This Friday brought about another mid-day type reversal. This mid-day reversal looked bearish though, not bullish like the previous week.
Let's see what the pullback and subsequent rebound is indicating on the charts.
NASDAQ Composite - Downside Price Targets
I've previously commented on the pullback for the NASDAQ. I had mentioned that a flatter correction was most likely in the cards for the index rather than a steep pullback and the correction should probably be somewhere in the 10-15% range.
But now that there has been a pullback and subsequent rebound, a Fibonacci Extension Tool can be placed on the chart to calculate potential downside targets with any sort of continued market correction.
The previous downside target of approximate 6,200 I mentioned in the Idea Chamber was based solely on a previous consolidation area during the index's uptrend. However there are now 3 anchor points available to place a Fibonacci Extension Tool on the chart. The…...
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I discuss in detail the price targets calculated by the Fibonacci Extension Tool on the above chart. I review what each of those price targets also represents for the long-term trend.
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