NASDAQ Needs some sideways relief but remains bullish.Nasdaq (NDX) continues to extend the new Bullish Leg of its 5-month Channel Up, having turned the 4H MA50 (blue trend-line) as its short-term Support, in line with both previous Bullish Legs.
We still expect at least a +9.59% rise, targeting 26300, to be completed before the pattern's new Higher High is priced but as the 4H RSI turned overbought (red circle), we expect the price to slow down a little, maybe seeking the 4H MA50 again as it happened in July.
In any event, the long-term trend remains bullish, until the 1D MA50 (red trend-line) breaks.
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