US 100Long
NASDAQ consolidation until the CPI.
Nasdaq (NDX) hit our 21650 Target that we set exactly 2 weeks ago (November 25, see chart below) and is now entering a consolidation phase (orange Rectangle):
As long as the 4H MA50 holds, the uptrend will stay intact within this 3-month Channel Up. We believe that this consolidation is similar to the September 13 - 19 price action, which also started after a +6.80% rise and with the support of the 4H MA50, it resumed the rally and peaked on the 1.5 Fibonacci extension.
As a result, we expect Nasdaq to stay ranged until Wednesday's U.S. CPI report and following that to resume the uptrend, targeting 22300 (just below the 1.5 Fib).
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As long as the 4H MA50 holds, the uptrend will stay intact within this 3-month Channel Up. We believe that this consolidation is similar to the September 13 - 19 price action, which also started after a +6.80% rise and with the support of the 4H MA50, it resumed the rally and peaked on the 1.5 Fibonacci extension.
As a result, we expect Nasdaq to stay ranged until Wednesday's U.S. CPI report and following that to resume the uptrend, targeting 22300 (just below the 1.5 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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