Correction has started

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

By Dan

Author of LunaticTrader and Reversal Levels method. Stock market forecasts based on proprietary indicators, seasonal patterns and moon cycles.

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