Short

NASDAQ: 1 month Channel Down targeting 27900 (1D MA100).

Nasdaq has turned neutral on its 1D technical outlook (RSI = 46.409, MACD = -197.730, ADX = 28.577) as it hit yesterday its 4H MA50 and turned sideways. The recent rally is technically the bullish wave of the 1 month Channel Down and if the 4H MA50 breaks, it may extend as high as the 4H MA200 (between the 0.786-0.618 Fibonacci range as the prior bullish waves did). A rejection here however is highly likely as shown by the 4H RSI, which got rejected on its LH trendline. In either case, a new -5.49% bearish wave can make contact with the 1D MA100 (TP = 27,900).

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