Nasdaq 100 Wave Analysis – 29 December, 2022

• Nasdaq 100 reversed from support level 10650.00

• Likely to rise to resistance level 12000

Nasdaq 100 index recently reversed up from the major support level 10650.00 (which has been repeatedly reversing the price from the middle of 2020).

The upward reversal from the support level 10650.00 stopped the previous intermediate impulse wave (3).

Given the clear bullish divergence on the weekly Stochastic indicator, Nasdaq 100 can be expected to rise further toward the next resistance level 12000.00.