NASDAQ Hit the Channel's Top. Mid-term correction expected.Nasdaq (NDX) hit (and marginally broke above) its November 2021 All Time High (ATH), completing the expected Megaphone pattern we shared with you on November 16 (see chart below):
Last Thursday (December 28) the index hit the Higher Highs trend-line that started on the August 16 2022 High and can be treated as the top of a Channel Up pattern. The key here is the 1D RSI, which is developing a Channel Down, i.e. Bearish Divergence, similar to the July 19 2023 High.
As a result, it is highly likely to see a good medium-term pull-back, which within the Channel Up pattern has been around -8.50% on average. Such a decline would approach the 1D MA200 (orange trend-line). Our target is 15550.
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