https://thegoldandoilguy.com/wp-content/uploads/2019/07/125.png 470 850 admin http://www.thegoldandoilguy.com/wp-content/uploads/2014/11/tgaoglogo.png admin2019-07-15 21:59:362019-07-15 21:59:36NQ Should Reach 8031 Before Topping
With earnings data starting to hit the markets and recent news that China’s economic activity levels shrank to levels not seen in nearly 30 years, we believe our proprietary Fibonacci price modeling system is showing us a target level in the NASDAQ (NQ) that will likely be reached within the next 7 to 10 days. We believe once this target level is reached, the US stock market will immediately begin an extended topping formation with sideways price action and increased volatility) which will culminate in our August 19, 2019 setup date for a much deeper price correction. At this time, traders should start to prepare for this topping event and prepare for price resistance to be found as the NQ nears this 8031 level – only 60 pts away. If you are sitting on a bunch of profitable long trades, our suggestion would be to scale back 50% to 60% of these open positions and prepare for a top setup to begin within 7 to 10 days. The volatility we expect to see over the next 30 days will likely be 2x or 3x current levels.