Saturday, January 03, 2009

$NDX Update for 01.03.2009


Monthly chart shows that the December's trading session ended with a spinning top candle pattern, indicating indecision between the bulls and the bears. While a tradeable bottom is currentlyin place, the index remains well below all of its moving averages on this timeframe.

Weekly chart shows the bulls managed to close the week well over its 8ema. Look for consolidation/trading range over the next few weeks, with the .382 fib retracement level as the first upside target.

Daily chart shows possible 5 waves up. IF we have 5 waves up, THEN look for an abc 3 wave retracement of the whole move up.

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