Nasdaq (NDX) broke today above its 1D MA200 (orange trend-line) for the first time in more than 2 months (since March 06), following the U.S. - Chine trade deal. This trend-line also had the March 26 rejection under its belt, which initiated the most aggressive part of the 'Trade War' correction.
The last time the index broke above its 1D MA200 on a similar pattern was when it was recovering after the bottom of the 2022 Inflation Crisis. The February 01 2023 break-out produced an instant rise to the 1.382 Fibonacci extension before a short-term correction to re-test the 1D MA200.
As a result, we expect 22000 (1.382 Fib ext) to come as early as this week before any discussions can be made for a new pull-back.
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The last time the index broke above its 1D MA200 on a similar pattern was when it was recovering after the bottom of the 2022 Inflation Crisis. The February 01 2023 break-out produced an instant rise to the 1.382 Fibonacci extension before a short-term correction to re-test the 1D MA200.
As a result, we expect 22000 (1.382 Fib ext) to come as early as this week before any discussions can be made for a new pull-back.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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🔥New service: next X100 crypto GEMS!
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🤵Contact info@tradingshot.com t.me/tradingshot
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.