Correction has started
Posted by Danny on April 16, 2012
The Nasdaq has come down from its recent peak.
As we said four weeks ago, the market is likely to become range bound between 3100 and 2900 for a while.
That scenario appears to be on track.
Let’s have a look at the current chart (click for larger image):
We remain in lunar Green Period this week, so some rebound move is likely. But the Nasdaq will probably drift down to 2900 before any meaningful new rally can start.
So I would wait for a better entry point (in May or June) if you are planning to buy.
Good luck, Danny
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This entry was posted on April 16, 2012 at 5:56 pm and is filed under Market Commentary.
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LunaticTrader
Correction has started
Posted by Danny on April 16, 2012
The Nasdaq has come down from its recent peak.
As we said four weeks ago, the market is likely to become range bound between 3100 and 2900 for a while.
That scenario appears to be on track.
Let’s have a look at the current chart (click for larger image):
We remain in lunar Green Period this week, so some rebound move is likely. But the Nasdaq will probably drift down to 2900 before any meaningful new rally can start.
So I would wait for a better entry point (in May or June) if you are planning to buy.
Good luck, Danny
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This entry was posted on April 16, 2012 at 5:56 pm and is filed under Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.