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Nasdaq Composite Contracting Diagonal Updated
Here is an updated Monthly on the Nasdaq. I have added a fib retracement from the Sep 1995 start of the diagonal to the Oct 2007. We re now sitting at the 23.6% retracement and just above the Diagonal resistance line (wave 4’s have throwovers). After the monthly chart I’ll show you the hourly close-up.
And the close up
I’ll continue to monitor this.
The Utilities
The below chart compares the utilities (DJU) to the Sp500, Dow, Nasdaq and Russell 2000. I draw no conclusions…
Nasdaq – where will the “correction” end?
Chart
Updated nadsaq
Each time we have bounced off the Primary Bear Channel (see highlighted parts) we have gone down to retest the 64 week MA. This is now at 1,836. So that is where I think we are heading now.
Nasdaq Composite – Long term chart
First the chart…
Nasdaq Composite Long Term
The Fibs were formed going from the bottom in 82 to the inflection point in 95. The Channels are fairly straight forward.
