Broad Trading Range in Nasdaq 100
By Alexander Nikolov
posted 21:56 12/18/11
| Stocks Analysis
 
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Nasdaq 100: 2237.87

Short-Term Trend: sideways

Outlook:

The daily chart remains dead neutral as the prices remain between the most recent extremes (2400 on the upside, and 2150 on the downside). The most logical choice for the wave structure is shown on the chart above. I think a Contracting Triangle since the July 2011 top has been under way. The hourly chart shows the recent sell-off is not complete, so further weakness twd 2184 and possibly twd 2100 is expected. Then, another move higher will be seen if our interpretation is correct.

Strategy: Stand aside.

 
 
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