NAS100 steadies at high levels, pay attention nextThe most recent move on NAS100 saw a sharp drop that briefly recovered, likely triggering stops before aggressively reversing from the lower boundary of the newly projected channel. This isn't a cause for concern, on the contrary, it's another opportunity to get involved.
That is because this drop and recovery is a common behavior in strong uptrends before resuming bullish momentum.
The market is likely in the early stages of a new impulsive leg to the upside right here.
We could either have short-term consolidation or pullback, then a continuation toward the upper channel boundary or straight upwards, and with NAS100, the latter is more plausible.
My target will be at 23,300 around the upper boundary of the projected channel resistance.
In this context, the market remains bullish clearly. The most interesting aspect is the emotional flush on the last drop, trapping sellers before fueling what could be another big leg up.
