Double Retracement Achieved on NASDAQ

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The graph below shows that the NASDAQ Composite ($COMPQ) has retraced to two major Fibonacci retracement levels:

  1. The 23.6% level of the retracement going back to March 10, 2000 (shown in pink)
  2. The 50% level of the 10/31/2007 to 3/9/2009 timespan (shown in green)

For those of you using Fib retracements, the confluence of two major resistance levels should have more import than if it were just one.

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