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December 15 Chart of the Day - Nasdaq 100 Index Upside Targets

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As you and many other traders with ambitious income goals may have recently noticed several equities and indexes are at or near their all time highs (ATH). 

Today we'll take another look at the Nasdaq 100 futures index (/NQ) in an attempt to answer the question "where could price be heading."

To help us identify upside targets and potentially new ATHs, we recently dusted off and pulled from our vault a previous FREE Market Insights Briefing titled "All Time Highs - to trade or not trade."

Trading all time highs can be a risky proposition unless you know how to use and apply two specific price action tools covered in the presentation because there is less historical data available at these levels.

On the weekly chart we've applied these two price action tools, trend and Fibonacci, to project and anticipate (note, NOT PREDICT) upside targets for this chart.

Say what you want about the economy, interest rates, inflation, world peace, etc. but the charts are the charts and the math behind them can tell a story aligned to or sometimes totally different than news headlines.

The only thing guaranteed in the markets is that price will cycle. It cycles up and it cycles down.  Price rarely, if ever, moves in a straight line and nobody can accurately tell you what's going to happen in the future.

NOBODY!

And as weird as it may sound, Nasdaq 23,000+ is technically in play. 

Let that sink in...

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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