NASDAQ Inverse Head and Shoulders rebound

I have been following this Falling Wedge pattern on Nasdaq (NDX) on the 1D time-frame for a month. My most recent post on this was the following:


As the price almost reached the 0.236 Fibonacci retracement level, which is a symmetrical Support, it is time to update my outlook on the index. The 1D RSI made a bounce on its Higher Lows trend-line since January 25 and in doing so, a new pattern has emerged, an Inverse Head and Shoulders (IH&S). It appears that we are currently on the Right Shoulder, which should push for a rebound.

As mentioned before, the natural barrier is the Lower Highs trend-line of the December 28 2021 High and then the technical Resistance of the 1D MA200 (orange trend-line) and the 0.618 Fibonacci retracement level within 15,250 - 15,280. A break above, restores the long-term trend on Nasdaq, and should target the 0.786 Fib (15,870) and then the 16,670 High. A break below the 0.236 Fib, should make one more leg downwards to re-test the 1W MA100 (red trend-line).



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