1. Market Top - the Nasdaq 100 reached a market top in mid November 2021.
2. Distributive Consolidation - for a period of 7 weeks into early Jan 2022
3. Downtrend - with 3 LH and 3 LL which took place over most of 2022. The index entered a bear market in March 2022. A bull trap was executed in early August 2022
with the index momentarily moving out of bear market territory.
4. Market Bottom - it seems as though a market bottom was reached in early October 2022. The average bear market correction historically is 35%. This was effected as the market came close to making a Fibonacci .382 correction.
5. Accumulative Consolidation - over the next 10 weeks.
6. Reversal - the commencement of 2023 sees a market swing produce a higher low.
7. Uptrend - a new bull channel is forming , as price has made a new HH and HL.
So where are we now ? The psychological state where the majority are in the state of disbelief. The early phase of the next bull market,
within the context of the existing secular bull market.
2. Distributive Consolidation - for a period of 7 weeks into early Jan 2022
3. Downtrend - with 3 LH and 3 LL which took place over most of 2022. The index entered a bear market in March 2022. A bull trap was executed in early August 2022
with the index momentarily moving out of bear market territory.
4. Market Bottom - it seems as though a market bottom was reached in early October 2022. The average bear market correction historically is 35%. This was effected as the market came close to making a Fibonacci .382 correction.
5. Accumulative Consolidation - over the next 10 weeks.
6. Reversal - the commencement of 2023 sees a market swing produce a higher low.
7. Uptrend - a new bull channel is forming , as price has made a new HH and HL.
So where are we now ? The psychological state where the majority are in the state of disbelief. The early phase of the next bull market,
within the context of the existing secular bull market.