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Anyone old enough to remember the game show “To Tell the Truth?” Three people would to tell a story and only one was telling the truth. So who is telling the truth in the chart above?
Nasdaq Composite index is facing a 30-year Fibonacci level and the top of a 10-year channel, which could be break this resistance at any time.
The NDX 100 index is at its 50% Fib level of the dot.com crash and could be forming a bearish head & shoulders topping pattern.
Who is telling the truth? The Nasdaq Composite pattern is so tight (Fib level/Channel resistance/bottom of a rising wedge) that I suspect we will know which index is telling the truth in the very near future. With such a long-term situation at hand, I suspect the outcome will be very important!!!