There are ten separate sets of projections that point to 3380 - 3400 area basis Emini-NASDAQ 100 Futures (Continuous Contract). There is no certainty in market forecasting, but there is a pretty high probability of a significant reversal or even a major top if/when this confluence area is tested (it's only 40 points above the 10/18/13 close). Based on empirical evidence, the markets like symmetry and historically have had trend changes when multiple projections line up in a given area (in price or time). There is also quite a lot of overhead resistance in the 3380-3400 area from the trading range of the 2000 top. The analysis is included on the charts below.
The first chart shows the long term picture with eight projections to this confluence area.
The second chart shows two additional projections to the same confluence area based on some fairly recent swing points.
Kim Rice 10-19-13
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