White lines weekly channel
Yellow line - Double top conformation
Red line - Bearish target for a double top
Yesterday Fed min caused a sell off in tech which erased all of Xmas rally gains.
We closed at the bottom of our weekly channel that has held since 2020. Meaning every correction ,sell off, and pullback that we've had the Nasdaq has remained resilient. Today if we open in the RED we'll be outside our channel and unless we close back inside we could be headed for 14900.
14900 , I cannot state how important it is to hold that line for bulls. Losing our bullish uptrend would be bad but if break 14900 we could be headed for a bear market in tech.. I've been saying for months that they were coming for high P.E ratio tech stocks but I honestly thought it would've been selective and not a broader sell off
Let's see what happens
