Nov 26, 2012

NASDAQ Summer Consolidation Close To An End

In post “NASDAQ target reached! Now what?” published May 4th we pointed out the beginning of the summer consolidation mode for the technological index. Indicative index range was 2400-2787. Five months later the pattern appeared to be correct with range pretty much in line with levels set (2500-2874).

NASDAQ to turn bullish
NASDAQ to turn bullish

Currently we are at the eve of a new bull phase for NASDAQ. If we assume that the bottom is 2400 and consider previous two patterns that appeared 2010 and 2011 next upturn for the tech index should add some 30% to the market value by spring 2013 (see Next Nasdaq Target, Published Aug 24th ). 

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