This is EXACTLY how tops are formed
Talking points
- google has seen momentum absolutely breakdown with a significant drop in price. This has not happened before; at least going back a few years
- it's appearing as though the break to new all time highs in oct was most likely a fakeout as there was no follow through
- the nasdaq has been rallying on extremely low breadth so if and when these big ones drop, market will go down with it
STRATEGY: my target is ~2500 which is about the 200d SMA which coincides with a potential demand zone so a triple magnet. This drop of ~10% can happen this week itself or latest next week
- google has seen momentum absolutely breakdown with a significant drop in price. This has not happened before; at least going back a few years
- it's appearing as though the break to new all time highs in oct was most likely a fakeout as there was no follow through
- the nasdaq has been rallying on extremely low breadth so if and when these big ones drop, market will go down with it
STRATEGY: my target is ~2500 which is about the 200d SMA which coincides with a potential demand zone so a triple magnet. This drop of ~10% can happen this week itself or latest next week