NASDAQ testing the 1D MA50. Buy opportunity.

I haven't updated my NDX outlook since December 17 but so far it appears to be trading according to plan after accurately catching that bottom:


Today the index made contact with the 1D MA50 again (blue trend-line) and that's a pattern we've seen before twice within this multi-month Channel Up on the chart.

As you see, every time Nasdaq approaches the previous High (Fib 1.0) following a Channel Up bottom, the price pulls back to the 1D MA50 (orange circle) and then the rise continues all the way to the 1.786 Fibonacci extension. As a result, we treat this pull-back as a mid-term buy opportunity, especially for those who missed the December bottom. Our target is 17600.




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