Market Update, 2009.08.13 (NQ Weekly)

13. August 2009
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NQ Weekly: I wanted to share a few charts of the NQ and how we are currently hitting (or very close to hitting) at least 4 overlapping levels in this area.

Below shows the Elliot Wave pattern and some current fibonacci projections.  You can see that the right, blue arrow is 127.2% of the left blue arrow. 

 
 
Comparing the previous wave in the same direction (Wave 2), we see that the current wave 4 is hitting the 161.8% fib projection.  We also see that the other fib levels seemed to act well as support and resistance. 
 
 
 
Taking a measurement of the entire move, we are currently hitting the 50% retracement level.  The other fib levels also line up well with past pivots. 
 
 
 
Taking a measurement of just Wave 2, we see similar levels.  All of this amounts of confluence of resistance in this area.
 
 
 
 

Market Update

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