Has NASDAQ (US Tech 100) joined China A50, HANGSENG (Hong Kong 50) in to the Correction Phase? The question is extremely relevant in the present stock market indices markets. Let’s find out through this blog post.
Let’s analyze the said 3 stock market indices one by one.
We will first analyze HANGSENG stock market index as below:
As shown in the chart for the HANGSENG stock market index, it has fallen 9,182 points (27.4%) from the high of 26-Jan-2018 till 29-Oct-2018 up to 24,326 price level. That’s a big correction! After doing a crack and snap back on 61.8% Fibonacci Level at around 30,000 price level, it has again fallen 5,546 points from 03-May-2019 till 14-Aug-2019 up to 24,751. Now it is trading around 26,000 price level. If HANGSENG stock market index is falling below the price level of 24,751 then there can be good chance that it will continue to slide further down.
Let’s now analyze China A50 stock market index as below:
As shown in the chart for the China A50 stock market index, it has fallen 4,827 points (32.34%) from the high of 23-Jan-2018 till 31-Dec-2018 up to 10,376 price level. That’s a big correction! After doing a crack and snap back on 78.6% Fibonacci Level at around 13,892 price level 3 times, now it is showing again weakness to go down. Now it is trading around 13,500 price level. If CHINA A50 stock market index is falling below the price level of 13,187 then there can be good chance that it will continue to slide further down.
Lastly let’s now analyze NASDAQ stock market index as below:
As shown in the chart for the NASDAQ stock market index, it has fallen 818 points (10.18%) from the high of 24-July-2019 till 06-Aug-2019 up to 7,217 price level. Compared to HANGSENG & CHINA A50 indices this may look like small drop but for NASDAQ that’s a big correction! After doing a crack and snap back on 88.6% Fibonacci Level at around 7,942 price level twice, now it has again dropped from7,978 to 7,624 price level which is equivalent to 353.7 or 4.43% drop. Now NASDAQ index is trading around 7,700 price level. If NASDAQ stock market index is falling below the price level of 7,577 then there can be good chance that it will continue to slide further down.
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