I have brought this weekly chart of the Nasdaq to show you how far we are away from the long term resistance line off the peak ,point (A) , in March 2000. Point (B) has represented a major top in October 2007 .. and now we are a few points away from point (C) ! Will it repeat ? Will area C represent another major top for the Nasdaq and thus the QQQQ's ? I think so !!!
Here is also a zoom of area "C" so you can see how many green upside could be left in the Nasdaq before we start a new major downleg ! Based on my estimates .. I think that we could be roughly 80 points away from this major topping point !! For those who want to get long on QID or TYP .. you should look at these levels on the Nasdaq (around 2250) before buying them !
