Nasdaq 100: For How Much Longer Will the Bears Hibernate?

Stocks Analysis by Dr. Arnout ter Schure covering: Nasdaq 100. Read Dr. Arnout ter Schure 's latest article on Investing.com

. In our last update from three weeks ago we assessed the state of the market/chart using several objective parameters and found that the

Our bullish stance was correct, as the NDX followed this impulse more closely. It topped on June 20th at $19,979, dropped to $19,472 on June 24, and now trades at $20,378. See Figure 1 below. Ideally, the green W-3 tops around the 161.8% Fibonacci extension . The green W-4 bottoms around the 100.0% Fib-extension , followed by the last green W-5 to ideally the 200.0% extension at $20665+/-50. We should expect this pattern to unfold over the next 2-3 trading weeks.

Compare this to the February-March time frame: red solid arrows. Indeed, divergence is a condition, not a trade trigger. Lastly, the mid-May to mid-June rally had no divergences , telling us correctly that higher prices after the anticipated red W-iv correction were the most likely scenario. A voila, here we are.

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