Nasdaq 100 topping
Is the Nasdaq 100 getting in sync with all the other major indices? Since the 2002 bottom the Nasdaq 100 has been moving higher. Not even during the financial crisis during 2008-2009 did the Nasdaq 100 make a new low, but held above the 2002 low has has staged an impressive rally along side the other indices since 2009 low, but it could well be in a topping process.
The impulsive c wave, that has been unfolding since June 2012 has hit its first target at 4,329 however, to confirm that this was the top, a break below support at 4,206 is needed. That said a break below minor support at 4,278 will be the first warning of a possible top in place, but only a break below 4,206 confirms the top.
If however, resistance at 4,329 is broken clearly wave 5 of V will extend towards 4,446 which will be the next upside target.