Saturday, January 9, 2016

COMPQ Nasdaq Composite Daily Chart Correction Territory H&S

The Nasdaq drops more than -10% off the top into correction territory. Price peaked in July 2015 at 5230-ish so the COMPQ was in correction mode under 4707 in August-October. The central bankers saved the day as always and stocks were pumped higher. The Nazzy then peaked at 5175-ish in early December. A -10% correction is under 4658. Bingo. Price is at 4643. The blue H&S targets 4650 and this pattern is satisfied.

The green lines show possie d and oversold stoch's so a bounce would be expected. The RSI and MACD are weak and bleak, however, so price would be expected to print lower lows in the weeks ahead after any bounce occurs. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

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