NASDAQ Rebounding exactly at the bottom of the 8month Channel Up
Nasdaq (NDX) made a Higher Low last Friday exactly at the bottom of the Channel Up pattern that started at the beginning of the year, and broke (as well as closed) yesterday above the 1D MA50 (blue trend-line). The strongest buy confirmation has just emerged today as the 1D MACD forms a Bullish Cross, the first such pattern at such low level since January 08 2023.
As long as the 1D MA100 (green trend-line) stays intact (has been unbroken since January 20), we are targeting 16295 (the 1.236 Fibonacci extension as with the March 31 High). In the unlikely event that a 1D candle closes below the 1D MA100, we will sell and target the 1D MA200 (orange trend-line) at 13600, where the index will turn into a huge long-term buy opportunity again.
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As long as the 1D MA100 (green trend-line) stays intact (has been unbroken since January 20), we are targeting 16295 (the 1.236 Fibonacci extension as with the March 31 High). In the unlikely event that a 1D candle closes below the 1D MA100, we will sell and target the 1D MA200 (orange trend-line) at 13600, where the index will turn into a huge long-term buy opportunity again.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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