NASDAQ won't correct again in 2024It has been almost 1 year (October 24 2023, see chart below) when we called for a mega buy opportunity on Nasdaq's (NDX) last bottom:
As you can see, the index started an insane rally sequence right on that weekly candle and didn't correct again that much before the recent July - August 2024 pull-back.
The gains from that bottom buy signal have been almost +50% and as the 1W MA50 (blue trend-line) was tested on the early August Low and held, we expect Nasdaq to resume and maintain the steady bullish trend for the rest of the year.
The next Target before it gives a medium-term correction again in our opinion is 22500, which is exactly on the 1.618 Fibonacci extension from the October 2022 market bottom.
The reason we project this target is because, as you can see on our October 2023 analysis above, we find remarkable similarities between the 2022 Inflation Crisis correction and the 2008 Housing Crisis.
This is what helped us give the mega buy signal in October, because the price formed a 1W MA50/MA100 Bullish Cross, the first since February 2010 and the correction was contained above the 0.618 Fibonacci retracement level. So with the 1.236 Fib already achieved during the current (blue) Channel Up (see how both recovery sequences take place within Channel Up patterns), the next in line is the 1.618 Fib at 22500.
According to all the above, the next time that Nasdaq could correct might be early in 2025.
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