Correction to 12/12 post, 12-31 date (horizontal line, adjustment): I will leave this post open until YE.
The 12/6 post update will show that the NAZ has chosen the ATH retest direction. We are still below the 11/22 Grinder Drop Top. The round trip Drop & Pop has generated over 2,000 points. I am projecting that the NAZ will continue to retrace to the White horizontal line near 16,500. This would be an 85% retracement and about 175 points above Friday's close. The Red horizontal ( TLX ) is a likely target for a drop test or adjusted Year End close. The range over the next week or so could be likely to stay between the 15,800 and 16,500 levels. The White vertical is 12/31, as you can see we do not have many trading left in 2021. I may post daily on 12/12, if not stay long above white diagonal and look short below. Should COVID chatter not get louder, go Long Sunday into Monday with 16,500 level as target. As you can see, 16,100 has provided strong support previously. You may want to stay Long above this level.
The 12/6 post update will show that the NAZ has chosen the ATH retest direction. We are still below the 11/22 Grinder Drop Top. The round trip Drop & Pop has generated over 2,000 points. I am projecting that the NAZ will continue to retrace to the White horizontal line near 16,500. This would be an 85% retracement and about 175 points above Friday's close. The Red horizontal ( TLX ) is a likely target for a drop test or adjusted Year End close. The range over the next week or so could be likely to stay between the 15,800 and 16,500 levels. The White vertical is 12/31, as you can see we do not have many trading left in 2021. I may post daily on 12/12, if not stay long above white diagonal and look short below. Should COVID chatter not get louder, go Long Sunday into Monday with 16,500 level as target. As you can see, 16,100 has provided strong support previously. You may want to stay Long above this level.
Comment:
12-14, NAZ did hit and bounce off TLX, may retest. Look at 15585 for Lower target and 16500 for Upper, next targets for Short & Long.
Comment:
12-15, TLX holds and the NAZ bounces. The analysts know nothing, purely technical bounce and traders have the advantage. Do not listen to the noise and follow the charts.
Comment:
12-20, NAZ on Diag TL, needs to bounce off. Break will approach lower target.
Comment:
12-21, NAZ is at a key level and cross section of various TL's. Anything under 16115 is Bearish.
Trade closed manually
