To The Moon

Pullback imminent

The markets have been rallying nicely since the start of November. A good start to the month. However to temper emotions, October set a rather low bar from which to gauge upon. And the markets were deeply oversold with pretty bearish sentiments. Now they have rebounded pretty nicely and as we all know the markets do not go up in a straight line. 

It was only two articles back when I called for a market rebound and sharp reversal. Well that shows how rapid this rebound has been that now I believe that it has gone up too rapidly and too fast. 

Depending on how the market pulls back on the next retreat will influence my risk positioning. At the moment, the Nasdaq looks the strongest amongst the indices and the one most likely to go on to new highs as the others go on to make lower highs. 

So to answer the topic with regards to Nasdaq, I am leaning towards Nasdaq pulling back somewhere around here in a three wave retreat towards late November before rallying into the end of the year with a possibility of reaching new highs. That will then be the time to derisk and protect assets.

Disclaimer: Please kindly do your own due diligence as this is a sharing article and in no means financial advise. I am just sharing my opinions and thoughts.

Thanks for reading my commentary. Hope it helps!

Stay safe! 😊

$Nasdaq100 Bull 3X ETF(TQQQ)$ 

$NVIDIA Corp(NVDA)$ 

$Roblox Corporation(RBLX)$ 

$NIO Inc.(NIO)$ 

$Tesla Motors(TSLA)$