A month ago today the Power of the Pattern was reflecting that the Nasdaq 100 index was dealing with its 38% Fibonacci resistance level for a year, 12-years after the high. (see post here)
CLICK ON CHART TO ENLARGE
After a year at its 38% Fib resistance the NDX finally broke above this level in the chart below. The next big target for the NDX 100 would be its 50% level of the Tech bubble highs in 2000 and the lows in 2002.
CLICK ON CHART TO ENLARGE
The top of the 10-year rising channel and the 50% Fib retracement level come into play at line (1). Can Apple help push the NDX up to this level? If it does, be wide eyed and cautious per how key this resistance combo should be!
