This FANG Easter basket has some bad eggs.
The Nasdaq was the last of the big stock market indices to fall… but its been falling hard lately.
The downturn is seeing an acceleration from the FANG stocks (Facebook, Amazon, Netflix, Google).
Looking at the first chart, a Fibonacci extension of 461.8% has been hit and rejected (from the all- time lows to the 2015 highs).
This comes in alignment of 31.8% off of the median line of the Pitchfork. Downside target suggests the 278.6% Fib level.
Here’s another look… The Fibonacci Retracement of the extension to the 2016 lows suggests a drop to 38.2% to channel cupport
From this analysis, seems like this investment theme has much farther to fall!
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The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
