The NASDAQ fibonacci retracement levels have been very good for technical traders like us. They offer easy targets or support/resistance – notice the clear double top we are working off of. If we don’t see any meaningful move higher this week I firmly believe that we will head in the direction below. I still am hoping for a good, sustained rally as it would present a wonderful shorting opportunity – however, what I want and what the market actually does is two different things.
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