NDX Measured Moves: 2463 & 2875

Posted are two long-term charts of the NDX: the first one in normal arithmetic scale and the other in log scale.

In the normal scale chart, the current upleg will equal the range of the 2002 to 2007 upleg at 2462.82. I would look for short set-up above 2460 with stop at daily close above 2483.

If the NDX closes above 2500, the market may complete (in one or more years) a measured move in percentage terms which would target 2875 as shown on the log scale chart.

Kim Rice 1/22/12