LunaticTrader

Investing with the Moon

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):

Nasdaq

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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