The NDX daily chart has the potential to reach even the gap area once again, since a 38% retracement also matches that level. Right now, we will very likely see a set back from 1350/60 though and that will determine in what kind of count we are. If today closes with a gain, it would mark the first 3 day gain and add positive momentum overall to this upside correction. It will be interesting to see how the SPX does at the same time. We should see a pullback towards 1200 as this correction will unfold in an ABC correction as wave B before C might take the NDX to 1450 probably, we can define that better as we see the magnitude of wave A which is still running. The SOX has made a valid low and the Semis are a supporting sector for now.
Thursday, October 30, 2008
NDX technical outlook
The NDX daily chart has the potential to reach even the gap area once again, since a 38% retracement also matches that level. Right now, we will very likely see a set back from 1350/60 though and that will determine in what kind of count we are. If today closes with a gain, it would mark the first 3 day gain and add positive momentum overall to this upside correction. It will be interesting to see how the SPX does at the same time. We should see a pullback towards 1200 as this correction will unfold in an ABC correction as wave B before C might take the NDX to 1450 probably, we can define that better as we see the magnitude of wave A which is still running. The SOX has made a valid low and the Semis are a supporting sector for now.
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