NASDAQ 100, from 15,300 to 13,850 following the ONE44 61.8% rule
This is an ongoing update of the NASDAQ 100, our last one was on 4/9/22
We left you with this,
The retest of the high on the rally from 23.6% at 14,725 failed to make a new high and also hit 78.6% back to the 3/29/22 high, this was also where the 200 day average was. The target on a break from 15,300 (61.8%) remains 61.8% the other way based on the ONE44 61.8% rule, this is 13,850. It has now hit the short term swing point that is 38.2% (14,400). Holding this area can send it up to the 15,043 major Gann square and failing to hold it should send it to 61.8% at 13,850 to complete the 61.8% target. Also keep an eye on the major Gann squares of 14,446 and 13,913 for support.
As you can see on the chart the 38.2% level at 14,400 produced no bounce, it did hold the area for 3 days, but that was it. The break below 14,400 has now taken it to just short of 61.8% at 13,850, however this is close enough to complete the 61.8% target from 61.8% above based on the ONE44 Fibonacci 61.8% rule. It did hit the 13,913 major Gann square mentioned above and the rally from it was only able to get it up to 23.6% of the current break at 14,200, never a good sign. A rally from 13,850 can send it 61.8% the other way (61.8% rule) and this will be 14,700. Any rally from the current low that can not get above 38.2% at 14,400 keeps the short term trend negative and you should look for new lows. With a close below 13,850, look for 78.6% at 13,424, this is also a major Gann square.
You can also use the W. D. Gann Law of Vibration chart for short term support and resistance in between these longer term levels, chart below.
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