Today’s Chart of the Day was shared by @J4_doji. The Nasdaq 100 has bounced more than 9% in less than two weeks. However, it's still down -30% from its peak and it continues to be in a downtrend. It's already had two double-digit bear market rallies this year. One in March (+17%) and another over the Summer (+22%). Both rolled over at the 0.618% Fibonacci retracement of their preceding declines. The 0.618% retracement of the current decline stands around 12,500, which is about 7.5% higher from here. Will Fibonacci smack down another rally this year?
Chart of the Day - Tuesday, October 25th, 2022
October 25, 2022
