NASDAQ 100 Wave Analysis – 29 December, 2021

• NASDAQ 100 reversed from resistance level 16675.00

• Likely to fall to support level 16250.00

NASDAQ 100 index recently reversed down from the pivotal resistance level 16675.00 (which stopped the previous sharp upward impulse wave (1) the middle of November).

The resistance area near the resistance level 16675.00 was further strengthened by the upper daily Bollinger Band.

Given the strength of the resistance level 16675.00 and the overbought daily Stochastic, NASDAQ 100 index can be expected to fall further toward the next support level 16250.00.