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NASDAQ Small technical pull-back part of the plan.

Long
CME_MINI:NQ1!   NASDAQ 100 E-mini Futures
Nasdaq (NDX) is on a short-term technical pull-back after it was rejected on the 1D MA100 (green trend-line). This doesn't change our outlook presented last week:


This profit-taking retracement is part of the greater plan, as the index remains within the tolerance levels of the previous counter-trend rebounds of the 2022 Bear Cycle, all of whom hit the Lower Highs trend-line that started on January 05.

As you see denoted by the green circle, every break above the 1D MA50 (blue trend-line) made a pull-back to test it as a Support shortly after. In terms of RSI , it appears that relative to the rallies of mid-March and July-August, we are where the Red Flag is. After the 1D MA50 pull-back is completed, the minimum target on this bullish sequence is the Jan Lower Highs trend-line, that most likely will make a match on the 0.618 Fibonacci (as both previous rallies) and the 1D MA200 ( orange trend-line).



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