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Can The NASDAQ 100 Get Another Rally Going From The Long Term Retracements Back To The 2020 And 2009 Lows?

Can The NASDAQ 100 Get Another Rally Going From The Long Term Retracements Back To The 2020 And 2009 Lows?
Photo by Christopher Burns / Unsplash



Can the NASDAQ 100 get another rally going from the long term retracements going back to the 2020 and 2009 lows?

The low on 11/4/22, failed to make a new low and held the long term retracements of 10,800 and 10,500, this was first 38.2% going back to the 2009 low and second, it was 61.8% back to the 2020 low. The rally from it hit 23.6% back to the ATH at 12,000, there was also a major Gann square right there at 11,942.00. It hit this area 3 times without getting two successively higher closes, the first two times held 38.2% of that rally at 11,500, also backed up by a major Gann square at 11,455.

The third spike above 12,000 failed to close above it and is now back at the long term retracements. It is also currently holding 78.6% at 10,800. Following the ONE44 78.6% rule, the upside target is 78.6% the other way at 11,942, this is also a major Gann square. Any rally that fails to get above 38.2% of that same move at 11,350 would be a very negative sign and new lows should follow.

Holding the long term retracements above will give us a long term target of 38.2% back to the ATH at 12,913, this is also a major Gann square.

Failing to hold the long term retracements for the third time will give us a much lower target, so stay tuned.

  • If you like this type of analysis and trade the Grain's take a look at our “Weekly Grain update” Premium Membership on our website. As mentioned above our other way of analyzing the market is with W. D. Gann's "Law of Vibration".

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