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Can The Nasdaq 100 Avoid This Bearish Pattern?

Posted on 05/15/2008 02:48:32 | Link | Post Comment

The Nasdaq 100 (NDX) has rallied up to its 61.8% Retracement Level at 2020 calculated from the late October high to the mid March low and reversed off of this level on Wedensday.  A longer term chart shows the NDX may be developing a potentially bearish looking Head and Shoulders Top pattern if the NDX stalls out below the 2050 level.  In order for the NDX to avoid this bearish pattern it would have to rise above the 2050 level in the coming weeks. 

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Bob
Amateur-Investor.Net

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