NASDAQ on the most important level that will determine the trend
Nasdaq (NDX) easily hit our 18000 Target, which we set 2 weeks ago (April 23, see chart below):
That was the top of the Channel Down and 0.786 Fibonacci retracement level. As mentioned this is an important Resistance level as during the previous correction of the 1.5 year Channel Up (which bottomed on October 26 2023), the 0.786 Fib was the level that rejected the first upside attempt (on September 01 2023).
As a result, we are willing to buy again only if the index closes a 1D candle above the 0.786 Fib, in which case we will target 19950 (the 2.0 Fibonacci extension). Until that happens, we have to consider the probability of a rejection on the 0.786 Fib stronger, thus turn bearish, targeting 17000 (just above Support 1). The risk is low on that trade as we will take the loss the moment a 1D candle gets closed above the 0.786 Fib.
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That was the top of the Channel Down and 0.786 Fibonacci retracement level. As mentioned this is an important Resistance level as during the previous correction of the 1.5 year Channel Up (which bottomed on October 26 2023), the 0.786 Fib was the level that rejected the first upside attempt (on September 01 2023).
As a result, we are willing to buy again only if the index closes a 1D candle above the 0.786 Fib, in which case we will target 19950 (the 2.0 Fibonacci extension). Until that happens, we have to consider the probability of a rejection on the 0.786 Fib stronger, thus turn bearish, targeting 17000 (just above Support 1). The risk is low on that trade as we will take the loss the moment a 1D candle gets closed above the 0.786 Fib.
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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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