Nasdaq 100: Near Term Projection (March 17)

Hi everyone,

Just to share an update to the analysis yesterday, where a sell-off was projected based on a completion of a C wave.

• Today an ending diagonal pattern appears to be completed, rather than a standard C wave.
  
  
• If price breaks out of the upper channel of the diagonal with MACD confirmation after FOMC news later today, then there is a good risk-reward set-up.
  
  
• There is near term price and Fibonacci support at 12.9k (and also 12.75k).
  
  
• But I expect price to reach 13.6k and break the 50-61.8% Fibonacci levels which have been tested twice recently and a surprise to hold a 3rd time.
  

Please note this assumes no FOMC unexpected news!

Good luck!

Kommentar:

Just an update after the surprise failed retest at 13.3k, the Nasdaq looks bearish today. I will monitor to see if support holds and also if there is any pattern that becomes noticeable.