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  • Writer's picturePeet Serfontein

Analyst thoughts: NASDAQ Medium-term

VIEW RETAINED FOR A HEALTHY CORRECTION WITHIN A LARGER BULL TREND

  • The NASDAQ index has a similar technical profile to the S&P500 index and the illustrated view remains valid.

  • The expected bearish correction off R1 is well underway with an eventual target around SA1*.

  • The grey a,b,c interim formation illustrates a possible R0*/S0 consolidation before the final downside towards SA1*, but the downside could take on many different forms.

  • The current downside is most likely a phase 4 correction as part of the 1,2,3,4,5 bull trend to T1 and T2.

  • Holding above S0* will keep the overall bullish outlook valid, as illustrated.

  • A breach off S0* would require a reassessment of the view.

  • The pivotal resistance can now be lowered to R0*. Breaking this level will favour the completion of the bearish correction.

  • Conviction: Medium


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