Analyst thoughts: NASDAQ Medium-term
VIEW RETAINED FOR THE FULL EMERGENCE OF AN EXPECTED WAVE COUNT PROGRESSION.
Decisive bullish price action off Q/S1 and through P has resulted in the completion of the PQ bearish wedge pattern correction.
The generally retained illustrated view is self-explanatory.
A minor adjustment is the lowering of the bull trend T1* target. This is a result of the larger correction beyond S0* to S1.
Current gains are potentially phase 1 of the 1,2,3,4,5 bull trend to R1 and T1*.
Interim downside off R0 towards S0* will then be a phase 2 correction in the larger bull trend, as illustrated.
Eventual downside off T1* can target S1.
Conviction: Medium to high.
S0* needs to hold for the highlighted view to remain valid.
A break of T1* will have extended bullish consequences.