NASDAQ: Still very bullish but long term buy levels are lower.

Nasdaq extends the rise inside the Rising Wedge which is inside the larger Channel Up pattern. Both 4H and 1D timeframes (RSI = 60.950, MACD = 132.290, ADX = 25.277) are bullish and this price action hints to a slow rise towards R1. In addition, the MACD has already made a Buy Cross, which did on both previous Lows. If the Rising Wedge breaks downwards, the S1 and the 1D MA50 will be our first buy entry.

If however the index closes under the S1, we don't expect S2 to hold but will rather expect buy accumulation on the 1D MA100, which is where the massive rebound of the March 13th low happened. In all cases, the target is R1 (TP = 13,730).


Prior idea:


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