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  • Writer's picturePeet Serfontein

Analyst Thoughts: NASDAQ Medium-Term

VIEW IS RETAINED FOR A MATERIALISED BULLISH TREND WITH BEARISH BIAS


  • The previous medium-term view of a bull trend from SA1* to the long-held T1 target has materialised.

  • The technical picture has changed more bearish for the first quarter of 2024.

  • The sharp reversal off T1, coupled with the highlighted bearish RSI divergence, should result in some form of meaningful bearish correction.

  • The illustrated W,X,Y correction is retained as the preferred pattern to S1* and SA1* target levels, but it is very early in the corrective stage and a number of formations remain possible.

  • A break below the previous top at S0* will further confirm the indicated downside. A break above T1 will negate the downside potential.



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