Nasdaq 100

Good morning,
The Nasdaq 100 has been rallying since Feb 2016 with only a few noteworthy corrections.  We've seen a huge rally (~ 7%) since the presidential election and everyone is talking about whether it will continue or not.  My analysis tells me we could be headed into some resistance between 5198 and 5306.  Yesterday's closing price was 5175.25, so we are very close.  First, here's the set-up:

* The rally since Nov 2016 has produced 4 measured moves shown on a daily chart.
  * Dominant: medium deep retracement with 2:6 left-handed skewing
  * Supporting 1: deep retracement with 4:5 left-handed skewing
  * Supporting 2: neutral retracement with 3:4 left-handed skewing
  * Supporting 3: supershallow retracement with 3:5 left-handed skewing
* Dominant and Supporting 1 measured moves have medium deep and deep retracements, which implies that a correction could retrace at least 1/2 to 2/3rds of the recent rally.  We just need to look at Fib projections to determine a possible resistance range, which I calculate as 5198 to 5306.  I will show this range in blue on a daily chart below.
* We also have a major measured move from a weekly chart giving a 261 Fib projection ~ 5251.00
* Next we need to look at the most recent leg up to try and pinpoint a turn.  I will do that with a 240 min chart below.
* Finally, we need to watch closely for any additional supporting clues of a possible top like a bearish Japanese candle pattern or a double top, for example.

Summary:
I feel we are approaching a potential top in the Nasdaq 100 and I will be watching this market closely over the next couple weeks.  If we do get a correction, I believe it could be a pretty decent one.