NASDAQ Trading channels since 2009

Just something that I drew up. If true, the major rally last year was all about the market regaining the previous 2016 channel. It looks possible that the NASDAQ has now lost the channel and trading in the 2019 channel. No impossible, but seems hard to believe that we will regain the higher channel with too much headwind. Could easily stay in the current channel and trade higher, but looks like a pullback would be required first.

Note the strong bounce off the major 2009 channel. If the bull market is to continue, it will need to stay above that line. I think if we fall back into it, then we are going to see a much larger pullback and tech will be in for a year plus of losses.

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