Saturday, December 18, 2010

NQ daily Chart

On the daily chart, NQ is still in its wave 5 of 5 up from the July 2010 low. Once completed we should get a larger ABC wave correction down to  test the April 2010 swing high.

At the moment, I am looking for the current rally to continue into the new year and make an intermediate top sometime in January 2011 before pulling back down in an ABC pattern. Once ABC wave down is completed, I would be looking for it to try to make a new high into March 2011, as long as the bullish pattern is still intact.