Let's check in on the progress of the NASDAQ Composite from its breakout from the Cup With Handle chart pattern. This review will stay focused shorter-term since I have discussed log-term upside price targets in the previous articles for the index.
This first chart for the NASDAQ Composite is a 3 year weekly candlestick chart. I've overlaid 2 shorter-term Fibonacci Extension Tools on the chart while also leaving longer-term ones on there.
The NASDAQ's price is approaching the 261.8% Target Line for the black Fibonacci Extension Tool. Fibonacci Extension Tools are one of my main tools to calculate price objectives.
It will be important to monitor the…...
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I review the items to watch for from a technical analysis perspective to determine if the NASDAQ Composite will break through its overhead resistance area.
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