NASDAQ 100 Index NAS100
One impulse wave travelling inside a second larger wave.
The smaller wave begins with the end of seasonal summer
doldrums towards the end of September, with two strong sections (or smaller waves) of 300 -340 points each with a
third wave now in play from 6250 - and a fourth likely after that, before the thrust and power of this wave is spent.
However in the very near term this index is pushing up against the upper parallel of the larger medium term wave, so if it's
going to encounter resistance at any point between the upper fastest-rising parallel and the slower rising medium term
parallel it's touching now, it's going to be here. At worst it will knock Nasdaq back to 6374-6371 where it becomes a buy
again with stops under 6395. And if Nasdaq remains strong in the face this overhead resistance and can find the buyers to
beat that resistance line, touching it now at 6410, it will likely power much higher still, rallying hard to touch the
upper parallel (rising at the extraordinary speed of 260 points per month) at about 6550 -- 6600 in a couple of weeks' time.
Would be more 'normal' for it to come off a little prior to Christmas rally kicking in come December. But if it does it
should only come back to 6374--1 so look to buy on weakness with stops below 6395. Alternatively a move through the line
at 6410 now followed by a successful near term retest can be followed for a test of the uppermost parallel at 6550ish
(depending on when struck. Each encounter with the fastest rising parallel has triggered a period of consolidation/profit taking.
Longs should follow suit on the next encounter, too.
One impulse wave travelling inside a second larger wave.
The smaller wave begins with the end of seasonal summer
doldrums towards the end of September, with two strong sections (or smaller waves) of 300 -340 points each with a
third wave now in play from 6250 - and a fourth likely after that, before the thrust and power of this wave is spent.
However in the very near term this index is pushing up against the upper parallel of the larger medium term wave, so if it's
going to encounter resistance at any point between the upper fastest-rising parallel and the slower rising medium term
parallel it's touching now, it's going to be here. At worst it will knock Nasdaq back to 6374-6371 where it becomes a buy
again with stops under 6395. And if Nasdaq remains strong in the face this overhead resistance and can find the buyers to
beat that resistance line, touching it now at 6410, it will likely power much higher still, rallying hard to touch the
upper parallel (rising at the extraordinary speed of 260 points per month) at about 6550 -- 6600 in a couple of weeks' time.
Would be more 'normal' for it to come off a little prior to Christmas rally kicking in come December. But if it does it
should only come back to 6374--1 so look to buy on weakness with stops below 6395. Alternatively a move through the line
at 6410 now followed by a successful near term retest can be followed for a test of the uppermost parallel at 6550ish
(depending on when struck. Each encounter with the fastest rising parallel has triggered a period of consolidation/profit taking.
Longs should follow suit on the next encounter, too.