{"id":11521,"date":"2021-09-08T09:32:46","date_gmt":"2021-09-08T09:32:46","guid":{"rendered":"https:\/\/tradingshot.com\/?p=11521"},"modified":"2023-05-04T09:35:00","modified_gmt":"2023-05-04T09:35:00","slug":"nasdaq-initiating-a-strong-correction","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2021\/09\/08\/nasdaq-initiating-a-strong-correction\/","title":{"rendered":"NASDAQ initiating a strong correction?"},"content":{"rendered":"

 <\/p>\n

This idea is a continuation to my analysis posted on August 26:<\/p>\n

\"NASDAQ<\/a><\/div>\n

It appears that the leg count and the similarities (so far) of the current price action with the January-February sequence was correct. If the pattern continues to replicate in the same way, then Nasdaq is ahead of a strong correction as this suggests we are currently at the top of the last leg (A).<\/p>\n

In February 2021 that resulted in almost a -12% correction that broke below the 1D MA100 (green trend-line) before rebounding. -12% from the top suggests a pull-back value of 13840 while the 1D MA100 is currently at 14417. Perhaps a Fibonacci extension measurement from the last Higher Low (the bounce on the 1D MA50 (blue trend-line)), would be more accurate. In February the correction stopped exactly on the 1.618. Currently the 1.618 Fib ext is at 14176.50.<\/p>\n

If this is indeed the start of a similar correction within the long-term Channel Up, is that a reasonable target for you?<\/p>\n

Tradingview link:<\/p>\n

https:\/\/www.tradingview.com\/chart\/NDX\/0TsRLkVL-NASDAQ-initiating-a-strong-correction<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  This idea is a continuation to my analysis posted on August 26: It appears that the leg count and the similarities (so far) of the current price action with the January-February sequence was correct. If the pattern continues to replicate in the same way, then Nasdaq is ahead of a strong correction as this<\/p>\n","protected":false},"author":611,"featured_media":11522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1639],"tags":[],"class_list":["post-11521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stockindices"],"_links":{"self":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/users\/611"}],"replies":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/comments?post=11521"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11521\/revisions"}],"predecessor-version":[{"id":11524,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11521\/revisions\/11524"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/11522"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=11521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=11521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=11521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}