Nasdaq 100 Might Pull Again, Eyeing 50-Day SMA for Assist
Nasdaq 100 index Technical Forecast: Impartial
- The Nasdaq 100 index shaped a bearish “AB=CD” sample and has since entered consolidation
- The index’s fast help degree will be discovered at 11,520 – the 50-Day SMA line
- The medium time period pattern seems bullish-biased, but a “Double High” may derail the uptrend
The Nasdaq 100 index doubtless shaped a bearish “AB=CD” sample in September, and has since entered a interval of consolidation. The index has retraced virtually 5% from the height of 12,250, hitting a key help degree on the 50-Day Easy Transferring Common (SMA) earlier than bouncing again (chart beneath). If the 50-Day SMA fails to carry, the index might decline additional to check the following help degree at 11,465 – the 76.4% Fibonacci retracement.
An “AB=CD” sample is a basic harmonic sample and is the constructing block of the extra refined “Gartley 222” sample. An “AB=CD” sample is shaped by virtually parallel AB and CD legs, that are comparable in time-frame…