This chart looks at the NDX100 ETF (QQQ) over the past 20-years on a monthly basis. Fibonacci was applied to the highs in 2000 and the lows in 2003 at each (1).

The rally over the past 15-years has QQQ testing it 161% extension level for the first time in history at (1). While it is testing the 161% level, it is also testing the top of an 8-year rising channel at (2).

We applied the next Fibonacci extension to QQQ, which is the 261% level. The 261% target comes into play around 285, currently 50% above current prices.

A very important breakout test is in play for Tech at (2), at the 183 level. If tech can find the strength to break out, bulls would get a positive message. What QQQ does at (2), will be important for the short and intermediate term trend!





How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past