Hi Parkes, here is the fib retracement for the Nasdaq Composite...

Hi Parkes, here is the fib retracement for the Nasdaq Composite Index. We could be seeing a short term double bottom about to form. If it breaks below its previous recent low then we can expect it to head down towards the .618 level at 12,554 which is only a further 6% move to the downside.



Now the Nasdaq Biotech Index looks right on the edge. We could see a bounce off the .382 line at 3,931 and would also form a double bottom. Breakdown from this point and there would be more "blood on the streets".


Both these indexes are in correction territory so we should actually be greatful that we've managed to somewhat avoid being a part of this downturn.