Monday, 22 February 2016
NASDAQ downtrend may be at an End
Having broken decisively through Resistance Line A, this phase of the NASDAQ 100 downtrend is at an end.
Resistance Line B has also to be breached before the overall downtrend can be seen to have ended.
Even then, it does not seem likely that the recovery will go as far as Line C. I am guessing (if the index does not plummet through the 5-year Support Line, creating a greater correction) that the corrected NASDAQ will stay within the purple range I have drawn, based on the 5-year trend.