NASDAQ: Going lower, no confirmed buy yet.

Nasdaq may have formed a 4H Golden Cross yesterday but contrary to its practical use, this bullish formation hasn't been a buy signal for the index as long as its has been trading inside the Channel Up of October. With 1D technicals neutral (RSI = 50.571, MACD = 37.810, ADX = 32.497), the price isn't restricted from trading lower despite the medium term bullish trend.

We see that the previous two Golden Crosses stopped near the bottom of the Channel Up, in particular a little under the level of the first HL of the bullish wave prior (see red zone). We can expect currently a Low around 10,900. Additionally, we can buy when the 4H RSI breaches 30.000 and becomes oversold.


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