Scare day for some with big retrace. However, the year is still ahead and while a majore pullback might still happen, I looked at some of the levels of the current trend.
I am expecting the trend to continue down and test the previous resistance levels from late 2017 (green line) and probabbly the bottoms (red line). Fib is from previous bottom to current year top. Usually I would look for year top-bottom, but it seems many longs were loaded last December.
Tech might be considered overvaluated, you can check the attached idea.
Let's see. Happy trading folks.
I am expecting the trend to continue down and test the previous resistance levels from late 2017 (green line) and probabbly the bottoms (red line). Fib is from previous bottom to current year top. Usually I would look for year top-bottom, but it seems many longs were loaded last December.
Tech might be considered overvaluated, you can check the attached idea.
Let's see. Happy trading folks.
