Jeff Cooper: Time and Price Are Converging for the Nasdaq 100
Using Gann theory can help you locate turning points in the market.
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The Nasdaq 100 (INDEXNASDAQ:NDX) is backtesting its 50 DMA and the prior swing reversal pivot high from April 24 at 3610 level.
This is important because dropping a digit from 3610 gives 361.
My Square of 9 Wheel is large at 2.5 feet square, but the number grid doesn't extend past 3000.
Dropping a digit solves the problem.
As shown in a chart from this morning's "Daily Market Report," 361 is straight across and opposite the first week of May.
We've reached an important square-out when, according to Gann theory, both time and price are converging around the same point.
Click to enlarge
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