From Tuesday's Nasdaq...
NASDAQ - POSSIBLE BROADENING TOP - so once again it is one of these: < - starting from the focal point and expanding in a "megaphone" with higher highs and lower lows, that is one possibility based on the pattern as sketched ont the daily chart and there are plenty of other possibilities, but that broadening top does occur frequently as a sharp rally starts to flatten out... Nasdaq closed up again on Friday, and on a higher high of 5584.26 and low of 5557.20 and closed at 5574.12 or up 26.63. So the odds still favor more rally attempt on Tuesday... Now we gave you some upper targets here on a Fibonacci basis and should this continue to rally we would look for that resistance to show up around 5615-5619. Nasdaq closed on a new all time high at 5574 - So just to give you an idea, if the hunch we have of a broadening top works out, that would involve a test and penetration of the last low, which was just Thursday at 5496.
Edited by SemiBizz, 17 January 2017 - 02:48 PM.
