Nasdaq (NDX) shifted from he Falling Wedge of about 2 weeks ago (March 13, see chart below) to a Channel Down:
Now that our 23850 Target got hit, we see the opportunity for a short-term buy (though the long-term trend remains bearish as we are at the start of the new Bear Cycle) since additionally, the 1D RSI is oversold.
Given that the Bearish Leg that was just completed declined by -8.25%, a little over that the Channel's first, we expect the subsequent rebound to also test the 0.5 - 0.618 Fibonacci range.
As a result, our short-term Target on this assuming the pattern holds, is 23950 (Fib 0.5).
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Now that our 23850 Target got hit, we see the opportunity for a short-term buy (though the long-term trend remains bearish as we are at the start of the new Bear Cycle) since additionally, the 1D RSI is oversold.
Given that the Bearish Leg that was just completed declined by -8.25%, a little over that the Channel's first, we expect the subsequent rebound to also test the 0.5 - 0.618 Fibonacci range.
As a result, our short-term Target on this assuming the pattern holds, is 23950 (Fib 0.5).
---
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
---
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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Funded trading -10% off👉 hyrotrader.com/?coupon=tradingshot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.