Is NASDAQ Losing Steam? A Reality Check for TradersHey Realistic Traders, Is CAPITALCOM:US100 Out of Steam? Let’s Dive Into the Analysis…
On the daily timeframe, the Nasdaq remains above the EMA-100, which has served as strong support through multiple successful rebounds. Simultaneously, the price has moved above the bullish trendline, reinforcing the ongoing uptrend.
Within wave 4, the price formed a falling wedge pattern, followed by a breakout. This signals the initiation of wave 5, which could potentially extend beyond the length of wave 1, given that wave 3 did not exceed the 1.618 Fibonacci ratio. Meanwhile, the MACD indicator has already formed a bullish crossover, adding further confirmation of a positive outlook for the Nasdaq.
Considering these strong technical signals, the price is likely to move upward toward the first target at 23,538 , or potentially the second target at 24,356.
However, this bullish scenario depends on the price staying above the critical stop-loss level at 20,833.
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Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Nasdaq."