(Click On Charts To Enlarge)
Within the larger Bullish Falling Wedge (pattern in blue), the NASDAQ looks to be putting in a Bullish Inverse H&S, which possibly could "morph" (change) into an Ascending Triangle if the Right Shoulder takes much longer to develop. Either way, if these nested patterns both can break out to the upside, the declining 50DMA, currently at 1938, and the gap at 1947 look very doable, which would be roughly 300 points higher from here.
In Chart #2, the fastest sequential Fibonacci measures of relative strength came into Bullish Synchronicity last Thursday and bounced higher on Friday's positive close after the late afternoon Obama Speech shakeout. That's the first such occurrence since early August, and its constructively bullish. Price needs to confirm that though, by breaking out.
2 comments:
Looks like NDX was not very strong today...any new thoughts?
iv,
No, it sure wasn't very strong, was it? That was just about everything that I DIDN'T want to see, short of the NASDAQ closing below Thursday's and Friday's lows, which it managed to hold.
Still, I didn't like my long position well enough to hold it, so I threw it in. I'll update the NASDAQ chart in a minute.
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