#NDX $NDX Beware of Monthly Bearish Engulfing: 21.05.2021

If, on May 31st, Nasdaq Composite closes below 13407.36, expect a multi-month correction. Targets: 11000-9200 (-22-35%). Worst case – 6600 (-53%). Mark this post.

The closure below 13407.36 will complete a Bearish Engulfing on the monthly scale. These candles typically come with the 80+% odds of multi-period corrections.

Nasdaq candles have been warning about a possible reversal for several months (see links to the posts below). Perhaps it’s time. The monthly chart suggests that it could lose 22% of its value, worst case – 53%. If you don’t believe, look at the monthly MACD and compare to year 2000.

In my projection, I used the same methodology that allowed me to forecast the drop in #Bitcoin to ~29000 in March 2021 and a multi-month bear market for #XAUUSD in the middle of August 2020.

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