Nasdaq (NDX) is almost at the top of the long-term Channel Up that started back in January 2023 and the 1D MA50 (blue trend-line) has been supporting the current Bullish Leg since November 03 2023.
That is a very aggressive wave that is most likely coming to an and as technically it resembles the previous Bullish Leg that peaked on July 18 2023 on a similar (as you can see) structure, which then corrected initially by -8.50% to the 0.3 Fibonacci retracement level just above the 1D MA100 (green trend-line).
As a result, we are turning bearish and our target is 17130, which is Support 1 and where most likely contact can be made with the 1D MA100 on a marginally less fall than -8.50%.
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