NASDAQ Much needed technical correction
According to wider time frames like the 1day, the correction that Nasdaq started is a technical (after hitting the Rising Resistance) and a much needed one as it hasn't tested the 1day MA50 in 1 month. The RSI staying under the MA reminds us of the patterns that started the August and April sell structures. The market is now out of the Bear Cycle so the correction doesn't have to be that dramatic but technically it 'requires' to meet certain levels nonetheless.
The 1day MA50 is the first with the white bold Support the second, consistent with both prior sell structures. The lowest risk of course in terms of RSI is its Support around the 30.00 mark. If those don't happen until the upcoming 1day Golden Cross, we are entering buys nonetheless. 13600 is our Target, straight inside Resistance A which consists of the August 16th and April 26th Highs.
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The 1day MA50 is the first with the white bold Support the second, consistent with both prior sell structures. The lowest risk of course in terms of RSI is its Support around the 30.00 mark. If those don't happen until the upcoming 1day Golden Cross, we are entering buys nonetheless. 13600 is our Target, straight inside Resistance A which consists of the August 16th and April 26th Highs.
Follow us, like the idea and leave a comment below!!
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