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In focus today

In the US, the November ISM Manufacturing index is due for release today. Leading manufacturing indicators have sent mixed signals so far, with the flash PMI declining slightly and regional Fed indices improving modestly. Even though the most important US labour market and inflation data points have been postponed beyond the Fed's next meeting on 10 December, markets will keep a close eye on this week's releases in light of the still uncertain rate decision. Market pricing is clearly leaning towards another rate cut next week, but the decision is not yet set in stone with around 80% probability priced in.

In Sweden, the November manufacturing PMIs are released today. Sweden has managed to deviate on the upside compared to European outcomes for the last two years. The October levels of 55.1 were driven mainly by strong domestic activity, whereas foreign orders showed somewhat benign levels. Sweden is therefore dependent on improved foreign activity to see a further rise in the manufacturing PMIs, whereas a cool-down of domestic activity could result in a risk for a drop in the aggregated levels.

In Norway, focus also turns to the release of November PMIs. Both the PMI and the actual production figures have pointed to a slowdown in manufacturing. We believe the underlying trend is pointing downward, driven by gradually lower activity in the oil-related industry.

The rest of the week, focus turns to the US ADP employment for November as well as the September PCE inflation. In the euro area, we receive the aggregate inflation print, and the ECB's preferred measure of wage growth for the third quarter. Especially the wage growth will be interesting for the ECB as it is what keeps inflation from falling below target currently.

Economic and market news

What happened over the weekend

In China, official manufacturing PMI rose slightly to 49.2 in November (cons: 49.2, prev: 49.0), but remained in contraction for the eighth consecutive month, while the private RatingDog manufacturing PMI surprised to the downside, falling back below 50 to 49.9 (cons: 50.5, prev: 50.6). Despite a trade truce with the US from October boosting export orders to an eight-month high, sluggish domestic demand weighed on overall activity. Policymakers are expected to delay major stimulus measures until 2026, with markets now focused on policy signals from December's Central Economic Work Conference.

In the US, Trump noted over the weekend that he has decided on this nominee for Federal Reserve Chair, who he expects to deliver rate cuts. His chief economic advisor Kevin Hasset is seen as the most likely choice.

In Japan, BoJ Governor Ueda signalled the possibility of a rate hike at the December policy meeting, citing improving economic conditions and sustained wage growth as key factors. Ueda emphasised that a rate hike would represent "easing off the accelerator" rather than "applying the brakes," but left room to delay the decision. We expect the BoJ to deliver its next hike in December. His remarks pushed the yen higher and Japanese government bond yields to a 17-year high, while the Nikkei fell more than 1.5%, reflecting concerns over tighter monetary policy and fiscal uncertainties under Prime Minister Takaichi.

In the euro area, inflation data for November was mixed on Friday. German HICP inflation rose to 2.6% y/y (cons: 2.4%), but we expect euro area inflation released on Tuesday to stay flat at 2.1% y/y (cons: 2.1%) due to lower-than-expected prints in France and Italy. Despite the mixed signals, inflation remains above the ECB's Q4 forecast, and with growth holding up and a strong labour market, we see the ECB maintaining its policy stance in December.

In Norway, retail sales increased by 0.1% m/m in October, falling short of our expectation of 0.5% m/m. The three-month moving average rose by 0.5%, but the data remains somewhat disappointing, with no clear signs of any positive impact from the rate cuts earlier this year in June and September. Meanwhile, the labour market showed slight signs of weakening, as the seasonally adjusted unemployment rate remained unchanged at 2.2% in November, but the number of unemployed persons increased by 350.

In Sweden, GDP grew by 1.1% q/q and 2.6% y/y in Q3, exceeding our expectations of 0.9% q/q and 1.7% y/y. The strong performance was primarily driven by household consumption, with additional support from growth in exports and gross fixed capital formation.

On geopolitics, President Trump declared the airspace above and around Venezuela "closed in its entirety," raising geopolitical tensions in the region. The announcement, which follows months of US military activity near Venezuela, was condemned by Maduro's government and criticised by international partners such as Iran. While the move reflects heightened pressure on Maduro, its lack of clarity has created uncertainty, with markets likely to monitor developments closely.

Furthermore, US Secretary of State Marco Rubio expressed optimism for progress during weekend talks with Ukrainian officials in Florida, emphasising the importance of securing Ukraine's sovereignty and future prosperity. Ukraine's delegation was led by new negotiator Rustem Umerov, who replaced Andriy Yermak following his resignation amid a corruption scandal. Umerov described the discussions as productive and praised the US for its continued support. The talks follow previous negotiations in Geneva, with Special Envoy Steve Witkoff now set to travel to Moscow for further discussions with Russian counterparts later this week.

Equities: Equities extended their gains on Friday, giving us five consecutive up-days and leaving the week more than 3% higher. Once again, the pattern is clear: in an environment with broadly supportive macro fundamentals, it rarely pays to chase weakness, and equity drawdowns tend to stall around the 5% mark. As expected, cyclicals outperformed defensives last week by around 2%, although on a 1- and 3-month horizon defensives are still ahead thanks to the exceptionally strong run in healthcare. Investor sentiment also turned quickly last week, with the VIX dropping from 20 to 16, pushing us into the "complacency zone." Given the macro backdrop, low implied vol is not unusual. In the US on Friday Dow +0.6%, S&P 500 +0.5%, Nasdaq +0.7%, Russell 2000 +0.6%. Asian trading is mixed this morning, with the Nikkei down just over 2%, while Chinese equities trade higher. European and US futures point lower.

FI and FX: Yields climbed across regions at the end of last week in a bearish steepening across curves. European yields were relatively unscathed by regional inflation data for November out Friday with the final euro area inflation print set to remain flat on Tuesday, in line with expectations. EUR/USD ended the week breaching the 1.16 level with a string of data releases in focus from both the euro area and the US the coming week. Markets will be especially attentive to any news of Trump's nominee for Fed Chair, which he has stated that he has decided on, and that he expects to deliver rate cuts. 10Y Gilts yields ended the week roughly 10bp lower and EUR/GBP slightly lower as the Autumn Budget failed to spur a sell-off in UK markets. OPEC confirmed its intention to keep oil output steady in Q1 next year, leaving oil to trade around the 60 USD/bbl mark.

Daily Pivots: (S1) 155.91; (P) 156.25; (R1) 156.52; More...

USD/JPY dips low today as corrective pullback from 157.88 extends. While further fall cannot be ruled out, downside should be contained by near term channel support (now at 154.12) to bring rebound. Above 156.71 minor resistance will turn bias back to the upside. Further break of 157.88 will resume the whole rally from 139.87. Next target is 158.86 structural resistance, and then 161.94 high. However, firm break of the channel support will bring deeper correction to 55 D EMA (now at 152.86).

In the bigger picture, current development suggests that corrective pattern from 161.94 (2024 high) has completed with three waves at 139.87. Larger up trend from 102.58 (2021 low) could be ready to resume through 161.94 high. Decisive break of 158.85 structural resistance will solidify this bullish case and target 161.94 for confirmation. On the downside, break of 150.90 resistance turned support will dampen this bullish view and extend the corrective range pattern with another falling leg.

Risk aversion returned to Asia at the start of December, lifting Yen sharply across the board. The shift in sentiment coincided with a notable surge in Japanese government bond yields, with the 10-year jumping nearly 0.07 and breaking above 1.87%, its highest level in more than 15 years. .

A key catalyst was Governor Kazuo Ueda’s comments that the BoJ will weigh the “pros and cons” of raising interest rates at the December 18–19 meeting. While not definitive, the remark reintroduced the possibility of a near-term hike after weeks of speculation that political pressure might push the BoJ toward postponement.

Ueda’s position appears to have held firm following his meeting with Prime Minister Sanae Takaichi and senior economic officials last month, calming speculation that political considerations would force a delay. His tone today aligned with increasingly hawkish views emerging within the board, further reinforcing expectations that normalization remains a live discussion.

Even so, a December move is far from assured. The BoJ continues to emphasize wage trends, underlying inflation, and the durability of Japan’s recovery. But today’s developments likely nudge expectations toward either a December or, more plausibly, a January hike rather than a later timeline. Markets have quickly repriced that risk.

In currency markets, Yen is the clear outperformer today so far, followed by Dollar and then Euro. At the opposite end, Aussie is the weakest performer, with Swiss Franc and Kiwi also under some pressure. Sterling and Loonie are trading in the middle of the pack as cross-flows remain largely driven by Japan’s moves.

Whether these rankings hold through the session will depend on how long Japan-led risk aversion persists once Europe and the US open. Equity futures and broader risk assets will likely determine whether today's defensive positioning extends into the next trading window or moderates as global liquidity increases.

Looking ahead, US data will dominate the week. A busy slate—ISM Manufacturing and Services, ADP employment, and personal income and spending with PCE inflation—will help refine expectations for early-2026 Fed policy. Additional releases, including Eurozone and Swiss CPI, Australia Q3 GDP, and Canada employment, round out the week.

In Asia, at the time of writing, Nikkei is down -1.96%. Hong Kong HSI is up 0.72%. China Shanghai SSE is up 0.50%. Singapore Strait Times is up 0.22%. Japan 10-year JGB yield is up 0.069 at 1.876.

Ueda signals December hike debate as BoJ reviews wage momentum

BoJ Governor Kazuo Ueda said the board will actively debate the “pros and cons” of raising interest rates at its December 18–19 meeting. He emphasized that the bank is now focused on whether firms’ "active wage-setting behavior" will persist, calling it a key determinant of the timing of the next hike.

Ueda noted that even with an increase, real interest rates would remain deeply negative, meaning policy would still be accommodative—more akin to “easing off the accelerator” than “applying the brakes.”

On the Yen, Ueda said Monday that further weakness is likely to push consumer inflation higher, a development that requires close monitoring when setting policy.

Japan's PMI manufacturing finalized at 48.7, contraction eases and confidence hits year high

Japan’s Manufacturing PMI was finalized at 48.7 in November, slightly above October’s 48.2, but still pointing to contraction. S&P Global’s Annabel Fiddes noted that conditions remained challenging, with firms reporting “another solid decline” in new business as demand stayed weak across both domestic and external markets..

Despite the soft order flow, sentiment improved meaningfully. Business confidence rose to the strongest level since the start of the year, supported by expectations that market conditions will begin stabilizing in 2026. That optimism translated into a further rise in employment, with firms hiring in anticipation of a longer-term recovery in activity.

A key focus now shifts to the government’s newly announced stimulus package—the largest since the pandemic—which aims to accelerate investment in strategic sectors such as AI. Its success in lifting demand will be critical in determining whether the manufacturing sector can move out of contraction after a long period of subdued momentum.

China RatingDog PMI slips into contraction at 49.9 as production, demand stall

China’s RatingDog PMI Manufacturing fell back into contraction in November, dropping from 50.6 to 49.9 and missing expectations of 50.5. Founder Yao Yu said both production and demand slowed to levels near stagnation. While new export orders improved, the pickup was not enough to offset sluggish domestic demand, leaving overall new orders almost flat.

The loss of momentum weighed on hiring, purchasing activity, and inventory decisions. Manufacturers scaled back their workforce and procurement while adopting more cautious stock management. Inventories of raw materials and finished goods both declined, with the average inventory level hitting its lowest point in nearly three years. Also, raw material inventories fell for the first time in seven months. Pricing indicators also highlighted pressure on margins, with input prices rising while output prices continued to fall.

Official data released over the weekend offered mixed signals. NBS PMI Manufacturing edged up from 49.0 to 49.2, in line with expectations, hinting at modest stabilization. However, Non-Manufacturing PMI slipped from 50.1 to 49.5—the sector’s first contraction since December 2022—showing that weakness is now spreading beyond factories and reinforcing concerns about China’s softer near-term growth path.

Silver extends record run and targets 60, leaving Gold lagging in range

Silver’s outperformance against Gold continued into December, with the metal surging to another record high late last week and extending gains in Asian trading today. The rally highlights a stark divergence within precious metals: while Silver pushes into uncharted territory, Gold remains trapped in its near-term range and capped well below its own record.

The strength in Silver reflects a powerful intersection of tight supply, firm physical demand, and intensifying industrial needs. Over the past year, the market’s underlying surplus has flipped into deficit, driven partly by the electrification of the vehicle fleet, rapid growth in artificial intelligence infrastructure, and continued expansion in photovoltaic applications. Together, these structural forces have pushed consumption higher while supply has struggled to keep pace.

Silver’s inherent material advantages—high thermal and electrical conductivity—make it difficult to substitute in EVs, advanced semiconductors, AI cooling systems, and solar technologies. With demand from these sectors accelerating and tariff-related distortions supporting domestic sourcing, investors have increasingly viewed Silver as a standout industrial-precious hybrid with strong forward momentum.

Technically, the breakout is equally convincing. Spot silver resumed its powerful uptrend by clearing the 54.44 resistance level and has now printed a fresh all-time high at 57.81. The next major upside zone sits at 61.8% projection of 36.93 to 54.44 from 48.60 at 59.4. The psychological 60 handle may cap the advance temporarily, but the broader trend remains decisively bullish as long as 54.36—now key support—holds. Sustained trading above 60 would open the door toward the 100% projection at 66.11.

Gold, by contrast, remains in consolidation. The rebound off 3,886.41 is developing as the second leg of the corrective pattern from 4,381.22 high. While further gains are possible near term, strong resistance is expected around the 100% projection of 3886.41 to 4344.86 from 3997.73 at 4356.18—close to the previous peak. Another pullback is still favored to complete the consolidation phase before the broader long-term uptrend reasserts itself.

US Data Deluge to Shape Fed’s Early-2026 Path

US data will set the tone this week, with markets preparing for a dense run of releases that could refine expectations for early-2026 policy. ISM Manufacturing and Services, ADP employment, and the latest personal income and spending numbers—including the Fed’s preferred PCE inflation gauge—form the core of the calendar. Together, these indicators will offer an updated read on demand momentum and how businesses are responding to a calmer tariff backdrop.

Despite the volume of data, none of the prints are likely to prevent the Fed from delivering another risk-management cut this month. Policymakers have signaled comfort in taking one more step to insure the economy against residual trade-related volatility and soft patches in hiring. The focus instead is shifting toward whether incoming numbers justify extending the easing cycle or pausing in Q1.

A rebound on the business side is increasingly plausible. With tariff risks easing after the extension of the US–China truce, firms appear better positioned to restore orders and investment decisions that were delayed earlier in the year. Any improvement in ISM new orders or employment components would support the argument that business confidence is stabilizing.

Consumer demand may also surprise on the upside. Two Fed rate cuts in September and October have already filtered into lower borrowing costs, providing marginal support to household spending. Strong personal consumption would suggest that the economy remains resilient even as labor-market gains moderate.

In Canada, the labor market takes center stage. At its October meeting, the BoC signaled that rates have now settled around the lower end of the neutral range, and further easing would require clear downside surprises in growth or inflation. A steady—or stronger-than-expected—jobs report would reinforce the BoC’s message that the bar for additional cuts is high.

Australia’s Q3 GDP is another important release, expected to show robust growth. Following last month’s upside inflation surprise, more strong data would underpin the case for the RBA to maintain its pause through Q1. Whether a full easing case still exists for 2026 is unclear, and policymakers are watching every incoming data point carefully.

Inflation figures from the Eurozone and Switzerland round out the global picture. But neither set of numbers is likely to shift the ECB or SNB from their current holding posture.

Here are some highlights for the week

• Monday: Japan PMI manufacturing final, capital spending; China RatingDog PMI manufacturing; Swiss retail sales, PMI manufacturing; Eurozone PMI manufacturing final; UK PMI manufacturing final; Canada PMI manufacturing; US ISM manufacturing.
• Tuesday: New Zealand terms of trade; Japan monetary base; Australian building approvals; Eurozone CPI flash, unemployment.
• Wednesday: Australia GDP; China RatingDog PMI services; Swiss CPI; Eurozone PMI services final, PPI; UK PMI services final; US ADP employment, industrial production, ISM PMI services.
• Thursday: Australia trade balance; Swiss unemployment rate; UK PMI construction; Eurozone retail sales; US jobless claims; Canada Ivey PMI.
• Friday: Japan household spending, leading indicators; Germany factory orders; Swiss foreign currency reserves; Eurozone GDP revision; Canada employment; US personal income and spending, PCE inflation, University of Michigan consumer sentiment.

USD/JPY Daily Outlook

Daily Pivots: (S1) 155.91; (P) 156.25; (R1) 156.52; More...

USD/JPY dips low today as corrective pullback from 157.88 extends. While further fall cannot be ruled out, downside should be contained by near term channel support (now at 154.12) to bring rebound. Above 156.71 minor resistance will turn bias back to the upside. Further break of 157.88 will resume the whole rally from 139.87. Next target is 158.86 structural resistance, and then 161.94 high. However, firm break of the channel support will bring deeper correction to 55 D EMA (now at 152.86).

In the bigger picture, current development suggests that corrective pattern from 161.94 (2024 high) has completed with three waves at 139.87. Larger up trend from 102.58 (2021 low) could be ready to resume through 161.94 high. Decisive break of 158.85 structural resistance will solidify this bullish case and target 161.94 for confirmation. On the downside, break of 150.90 resistance turned support will dampen this bullish view and extend the corrective range pattern with another falling leg.

Silver’s outperformance against Gold continued into December, with the metal surging to another record high late last week and extending gains in Asian trading today. The rally highlights a stark divergence within precious metals: while Silver pushes into uncharted territory, Gold remains trapped in its near-term range and capped well below its own record.

The strength in Silver reflects a powerful intersection of tight supply, firm physical demand, and intensifying industrial needs. Over the past year, the market’s underlying surplus has flipped into deficit, driven partly by the electrification of the vehicle fleet, rapid growth in artificial intelligence infrastructure, and continued expansion in photovoltaic applications. Together, these structural forces have pushed consumption higher while supply has struggled to keep pace.

Silver’s inherent material advantages—high thermal and electrical conductivity—make it difficult to substitute in EVs, advanced semiconductors, AI cooling systems, and solar technologies. With demand from these sectors accelerating and tariff-related distortions supporting domestic sourcing, investors have increasingly viewed Silver as a standout industrial-precious hybrid with strong forward momentum.

Technically, the breakout is equally convincing. Spot silver resumed its powerful uptrend by clearing the 54.44 resistance level and has now printed a fresh all-time high at 57.81. The next major upside zone sits at 61.8% projection of 36.93 to 54.44 from 48.60 at 59.4. The psychological 60 handle may cap the advance temporarily, but the broader trend remains decisively bullish as long as 54.36—now key support—holds. Sustained trading above 60 would open the door toward the 100% projection at 66.11.

Gold, by contrast, remains in consolidation. The rebound off 3,886.41 is developing as the second leg of the corrective pattern from 4,381.22 high. While further gains are possible near term, strong resistance is expected around the 100% projection of 3886.41 to 4344.86 from 3997.73 at 4356.18—close to the previous peak. Another pullback is still favored to complete the consolidation phase before the broader long-term uptrend reasserts itself.

China’s RatingDog PMI Manufacturing fell back into contraction in November, dropping from 50.6 to 49.9 and missing expectations of 50.5. Founder Yao Yu said both production and demand slowed to levels near stagnation. While new export orders improved, the pickup was not enough to offset sluggish domestic demand, leaving overall new orders almost flat.

The loss of momentum weighed on hiring, purchasing activity, and inventory decisions. Manufacturers scaled back their workforce and procurement while adopting more cautious stock management. Inventories of raw materials and finished goods both declined, with the average inventory level hitting its lowest point in nearly three years. Also, raw material inventories fell for the first time in seven months. Pricing indicators also highlighted pressure on margins, with input prices rising while output prices continued to fall.

Official data released over the weekend offered mixed signals. NBS PMI Manufacturing edged up from 49.0 to 49.2, in line with expectations, hinting at modest stabilization. However, Non-Manufacturing PMI slipped from 50.1 to 49.5—the sector’s first contraction since December 2022—showing that weakness is now spreading beyond factories and reinforcing concerns about China’s softer near-term growth path.

Full China RatingDog PMI manufacturing release here.

BoJ Governor Kazuo Ueda said the board will actively debate the “pros and cons” of raising interest rates at its December 18–19 meeting. He emphasized that the bank is now focused on whether firms’ "active wage-setting behavior" will persist, calling it a key determinant of the timing of the next hike.

Ueda noted that even with an increase, real interest rates would remain deeply negative, meaning policy would still be accommodative—more akin to “easing off the accelerator” than “applying the brakes.”

On the Yen, Ueda said Monday that further weakness is likely to push consumer inflation higher, a development that requires close monitoring when setting policy.

Japan’s Manufacturing PMI was finalized at 48.7 in November, slightly above October’s 48.2, but still pointing to contraction. S&P Global’s Annabel Fiddes noted that conditions remained challenging, with firms reporting “another solid decline” in new business as demand stayed weak across both domestic and external markets..

Despite the soft order flow, sentiment improved meaningfully. Business confidence rose to the strongest level since the start of the year, supported by expectations that market conditions will begin stabilizing in 2026. That optimism translated into a further rise in employment, with firms hiring in anticipation of a longer-term recovery in activity.

A key focus now shifts to the government’s newly announced stimulus package—the largest since the pandemic—which aims to accelerate investment in strategic sectors such as AI. Its success in lifting demand will be critical in determining whether the manufacturing sector can move out of contraction after a long period of subdued momentum.

Full Japan PMI manufacturing final release here.

Hello fellow traders,

As our members know we have had many profitable trading setups recently. In this technical article, we are going to present another Elliott Wave trading setup we got in S&P 500 Index . SPX completed this correction precisely at the Equal Legs zone, referred to as the Blue Box Area. In the following sections, we will delve into the specifics of the Elliott Wave pattern observed , discuss the trading setup and present targets.

SPX Elliott Wave 4 Hour Chart 11.18.2025

The current view suggests that SPX is forming a Double Three correction (WXY red) . The price action is reaching blue box at 6577.688-6395.668 where we are looking to re-enter as buyers. We recommend members to avoid selling SPX . As the main trend remains bullish, we anticipate at least a 3-wave bounce from this Blue Box area. Once the price touches the 50 fibs against the X red connector, we’ll make positions risk-free and set the stop loss at breakeven and book partial profits. On other hand, breaking below the 1.618 Fibonacci extension level at 6395.668 would invalidate the trade.

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫

SPX Elliott Wave 1 Hour Chart 11.27.2025

The index has found buyers in the anticipated Blue Box. SPX is now showing a solid bounce from this key Buying Zone. The current reaction has reached the 50% Fibonacci level relative to the X‑red connector. As a result, any long positions initiated from the Blue Box should now be considered risk-free. Our stop loss has been moved to breakeven, and we’ve already locked in partial profits.

We consider the correction completed at the 6523 low. As long as SPX remains above this level, the index has potential to target the 7013+ area next.

Key Highlights

• EUR/USD started a decent increase above the 1.1550 resistance.
• A key bearish trend line is forming with resistance at 1.1600 on the 4-hour chart.
• GBP/USD started a recovery wave above 1.3200.
• USD/JPY is correcting gains and might test 155.00.

EUR/USD Technical Analysis

The Euro formed a base and climbed above 1.1520 against the US Dollar. EUR/USD even cleared the 1.1550 resistance before the bears appeared.

Looking at the 4-hour chart, the pair climbed above the 50% Fib retracement level of the downward move from the 1.1656 swing high to the 1.1491 low. The pair settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

However, the bears are protecting gains above 1.1600. There is also a key bearish trend line forming with resistance at 1.1600. The first key hurdle sits at 1.1610 and the 76.4% Fib retracement level of the downward move from the 1.1656 swing high to the 1.1491 low.

The next area of interest for the bulls could be 1.1650. Any more gains could set the pace for a steady increase toward 1.1700.

On the downside, there is key support at 1.1575. The next support is 1.1550, below which the pair could start a steady decline to 1.1500.

Looking at GBP/USD, the pair remains in a positive zone, but it must surpass 1.3250 to continue higher in the near term.

Upcoming Key Economic Events:

• ECB's Nagel speech.
• Fed's Chair Powell speech.

Nasdaq-100 index: ⬆️ Buy

• Nasdaq-100 broke resistance zone
• Likely to rise to resistance level 0.3000

Nasdaq-100 index recently broke the resistance zone between the round resistance level 25000.00 and the resistance trendline of the daily down channel from October (which encloses the previous primary ABC correction 2).

The breakout of this resistance zone accelerated the active short-term impulse wave 1 of the intermediate impulse wave (1) from November.

Given strong daily uptrend, Nasdaq-100 index can be expected to rise to the next resistance level 26250.00 (former top of wave (5) from October).