Nasdaq 100 due for correction

The Nasdaq 100 has gone from 1040 to over 3600 since 3/09, just less than 5 years. Looking at the monthly chart, the ADX shows it’s in dangerous territory, overbought and due for a correction. But before taking profits or shorting I would be looking for the ADX to cut down from this level, the ergodic to crossover down, and the orange ball to be taken out with a monthly close below 3300 signaling the correction is in play. Target range 2000-2500.

Nasdaq 100 correction ahead