Nasdaq-100 Wave Analysis 6 January 2025

– Nasdaq-100 reversed up from support zone

– Likely to rise to resistance level 21855.00

Nasdaq-100 index recently reversed up from the support zone located at the intersection of the support level 20820.00 (low of the previous minor correction 2), support trendline of the daily up channel from September, 61.8% Fibonacci correction of the upward impulse from October and the lower daily Bollinger Band.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern  Morning Star, which has the daily Hammer as its middle candle.

Given the clear daily uptrend, Nasdaq-100 index can be expected to rise to the next resistance level 21855.00 (which formed the daily Evening Star last month).