Approaching VERY dangerous technicals

5 พ.ย. 2021

The NASDAQ stands out as an absolute giant when it comes to its ability to simply keep on grinding higher to new ATHs. But, that said we are now approaching levels of technical exuberance which calls for alarm bells to start ringing. At this stage, there is still some scope for technical upside to where the Weekly R3 pivot meets diagonal resistance @ 16633. But, once we cross this threshold I strongly suspect a very strong correction to occur either @ 16875 (Monthly R2) or 17100 (Classic Yearly R2). Initial support will be @ 16250 with the first correction target being 15685 followed by ~15k (Traditional YR1).