Is Nasdaq forming a measured move ?!?!?! Target above 20k...

This is a very long-term view and, of course, anything can happen if you are trying to predict 2-3 years move. As you know, in trading is best to trade what you see, not what you think, and what I see now is looking like Nasdaq is forming a measured move and as crazy as it may sound in the current economical conditions, the target for this pattern is well above 20k. (The Measured Move is a three-part formation that begins as a reversal pattern and resumes as a continuation pattern.)

So, the Nasdaq index has started the year badly and has dropped from above 16k to a low around 11k, but looking at the longer TF we can see that this drop can be just a correction of the last leg up that begins at the start of the pandemics. Also, the index reversed from between 50% and 61% Fibo and important horizontal support.

At this moment Nas100 is flirting with the falling trend line and a break here looks imminent. A break and sustained buying above this level could lead to further gains and, as I said, the target for the pattern is above 20k