NASDAQ'S CHANNEL HELD STRUCTURE FOR LAST BULLISH PUSHThe recent bullish structure has held firm for the last bullish push before the potential sell off at Septembers highest high.
Market sentiments remain unsure on how to react towards the Apple IPhone 12 news amid the upcoming elections, recent talks around the stimulus package, and President Trumps conditions.
The market has seen a rapid climb since the opening this week, so todays uncertain direction was much needed to allow a stronger support for the final push towards NASDAQ's highest price ever recorded.
The Nasdaq Volatility Index VOLQ has moved in conjunction with the NASDAQ for the past 24 hours, which signals a potential drop in price, based on the findings of the relation between volatility indexes and the respective index. The VOLQ has a negative correlation of roughly 80% with the NASDAQ, so the exercised positive correlation of 20% causes this view, in addition to the findings.
Either way, I foresee a break and retest of the counter trendline and the final move to the H1 FIB target of 12414.2.
