Nasdaq (NDX) has turned sideways since the start of June, following a 1W RSI overbought rejection.
In the past 2 years, every time the 1W RSI got reversed near this level, Nasdaq made a correction, with its minimum value being -8.27% and maximum -16.91%. The early 2025 trade-war crash was stronger but the 1W RSI wasn't overbought when it started.
As a result, the minimum correction we should be expecting on NDX now should be to 28190 (-8.27%), which will make contact with the first support of the 1W MA20 (red trend-line) and the maximum 25550 (-16.91%), which should touch the 0.618 Channel Fibonacci level as in March 2026 and come close to the 1W MA100 (green trend-line). Naturally, a fair estimate between the two extremes would be touching the 1W MA50 (blue trend-line).
Needless to say, if the 1W RSI hit the (green) minimum zone, it starts turning into a medium-term buy opportunity again.
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In the past 2 years, every time the 1W RSI got reversed near this level, Nasdaq made a correction, with its minimum value being -8.27% and maximum -16.91%. The early 2025 trade-war crash was stronger but the 1W RSI wasn't overbought when it started.
As a result, the minimum correction we should be expecting on NDX now should be to 28190 (-8.27%), which will make contact with the first support of the 1W MA20 (red trend-line) and the maximum 25550 (-16.91%), which should touch the 0.618 Channel Fibonacci level as in March 2026 and come close to the 1W MA100 (green trend-line). Naturally, a fair estimate between the two extremes would be touching the 1W MA50 (blue trend-line).
Needless to say, if the 1W RSI hit the (green) minimum zone, it starts turning into a medium-term buy opportunity again.
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** 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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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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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
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.