The Nasdaq 100 From Afar
Dragonfly Capital | Oct 11, 2012 03:41AM ET
The Nasdaq 100 (NDX) on a very long scale has a lot of positive things going for it. From the chart below you can see the major move off of the 2002 low to the 2007 high was retraced by 75% before moving back up. Now it has the support of the 61.8% Fan Line and resistance at the 75% Fan Line. A new higher range since the beginning of 2012. Certainly in a pullback here, the expectation would be for a hold at the 2550 level if it were to go that far.
The steps higher, A, B, C and D are getting progressively smaller but still large with the progression at 1000 points, then 700, 700 and 400 roughly. Another 400 point move from the current level would fulfill the Inverse Head and Shoulders price objective at 3100. It may continue to pullback but this move higher does not look over on a longer scale.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Original post
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