Nasdaq (NDX) has been trading within a Channel Up since May 11 and is approaching its 4H MA50 (blue trend-line) today following a Wednesday initiated pull-back.
Technically this is so far a normal correction for this pattern, which offers a short-term buy signal as the 3 times during those 4 months that it broke convincingly, it rebounded on or close to the 4H MA200 (orange trend-line).
As a result, if the 4H MA50 offers a rebound, we could see a +9.80% rebound from the 4H MA200, the minimum that this Channel Up has delivered upon a Bullish Leg. That gives a Target of 24800.
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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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Technically this is so far a normal correction for this pattern, which offers a short-term buy signal as the 3 times during those 4 months that it broke convincingly, it rebounded on or close to the 4H MA200 (orange trend-line).
As a result, if the 4H MA50 offers a rebound, we could see a +9.80% rebound from the 4H MA200, the minimum that this Channel Up has delivered upon a Bullish Leg. That gives a Target of 24800.
-------------------------------------------------------------------------------
** 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. **
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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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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.