Update - At Upper Channel Convergence ... | #NAS100 #NASDAQ

FX:NAS100   NASDAQ 100 index of US listed shares
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On December 28th, we produced this chart to highlight a convergence level between a dominant channel and secondary internal channels, both culminating at a significant price level. Ever since price reached that level, it fell, indicating that bulls are striving to maintain ground with growing difficulty.

Aside from this channel-based analysis, our own predictive analysis has placed our target at a lofty 4023 ground. As with the DOW Composite             chart just published (See it here: https://www.tradingview.com/v/iuNsxmMz/), there remains room for price to continue its tedious rally. However, in both markets, bulls have started to loose ground, and one has to wonder whether we are entering a consolidation phase at the present point, leading up to a significant systemic market reversal.

Our predictive analysis posted 4023 as a potential level of reversal, but the channels don't offer a simple visual scenario by which this could occur. As bulls are pulling back from their recent advance, expect further unwinding for the time being with possible protracted consolidation. Could this lead to a last gasp of thin air at 4023 before a systemic reversal occurs?


David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting
Denver, Colorado USA


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David Alcindor, CMT Affiliate #227974
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