The NASDAQ index has a crucial support level at $17,000, which has held strong in recent trading sessions. In the 3-hour (3H) time frame, there is a notable divergence in the Relative Strength Index (RSI), indicating potential weakening of the current trend. Concurrently, a double bottom pattern has formed after the completion of a five-wave pattern, suggesting a potential trend reversal to the upside. Traders should closely monitor price action around the $17,000 level for confirmation of a trend change.
Trade closed: target reached:
17400 as first S/R zone and target is reached and this area break it