Blake Morrow’s EDGE Chart of The Day – The NASDAQ100 is Breaking Out!
The NASDAQ100 is breaking higher to end the week near the highs. The fact that it is breaking channel resistance should allow for a retest of the descending trend line from the all-time highs. That comes in at a confluence of the 127% extension of the most recent drop, and also the 161% extension of the August 2022 to October 2022 drop as well. But let’s not ignore that this is a very large bull flag pattern which pivoted perfectly off the 200dma. In theory, this technical bull flag pattern has a lot (and I am talking A LOT) higher to go to reach targets. Well, let’s not focus on that and just take one bullish step at a time!