The Nasdaq Composite (COMPQ) monthly square shows price bouncing off the 1×2 angle of the 1982-2000 range. Volume has been good on the bounce which also occurred as the 50% time cycle completed.
The weekly charts shows price moving up off the March low at twice the slope of the 2007-2009 drop. Price will remain in a bullish position until in eventually breaks back through the 1×1 ascending angle. Volume on the breakout this week was very strong.
The daily charts show potential resistance at the parallel 1×1 descending angle. Price has moved back to the 1×1 ascending angle as expected. But the 150% time cycle often provides a force against the trend. If the trend is strong enough it will overcome the resistance.
Charts courtesy of Stockcharts.com
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.