Thursday, 7 May 2015

NASDAQ 100 futures slice lower from bearish wedge, targeting 15% drop, at the least

Daily chart shows the NASDAQ 100 in European trade slicing lower from the illustrated bearish wedge. The US blue chips are yet to break lower, but tech is often a lead sector for broader market moves. A measured target is the start point of the wedge, 15% lower, give or take.

Weekly chart shows that a move to the start point of the bearish wedge would result in a break lower from the trend channel that has captured all market action from the 2009 low. Such a break would have further bearish implications. Let's see.

USD/JPY daily chart, Head and Shoulders top almost complete?