Although the Nasdaq-100 (QQQQ) has the right structure and look of an incomplete upleg off of yesterday's low, Mike Paulenoff is viewing this upmove as an intervening rally between two declines of a correction.
Mike Paulenoff's pattern and momentum work indicates that the corrective period is complete in Newmont Mining (NEM) and that the double bottom represents the base from where a new bull phase will commence.
This morning's strength in the Nasdaq-100 (QQQQ) propelled the price structure into a major resistance band as well as towards a confrontation with the July-August down trendline.
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