Nasdaq (NDX) is forming the Right Shoulder of a potential Inverse Head and Shoulders (IH&S) pattern. The price action is 'stuck' within the 1D MA200 (orange trend-line), which got tested on Friday for the first time since March, and the 1D MA50 (blue trend-line).
Since the 1D MA200 was the level that initiated the March 26 rejection, it is possible to see a short-term pull-back now, all in the process of forming the Right Shoulder and after the market digests the new Fed Rate Decision, starts the next Leg Up. Note that the 1D RSI is already on its February highs.
As a result, our long-term Target is at 25000, just below the 2.0 Fibonacci extension level, which is a standard technical target for IH&S patterns.
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Since the 1D MA200 was the level that initiated the March 26 rejection, it is possible to see a short-term pull-back now, all in the process of forming the Right Shoulder and after the market digests the new Fed Rate Decision, starts the next Leg Up. Note that the 1D RSI is already on its February highs.
As a result, our long-term Target is at 25000, just below the 2.0 Fibonacci extension level, which is a standard technical target for IH&S patterns.
-------------------------------------------------------------------------------
** 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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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
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
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.