NASDAQ Relief rally to 18000 ahead?

Nasdaq (NDX) finally hit yesterday our long-term bearish Target (17130), which we called a while ago (March 12, see chart below) but was postponed due to the Double Top formation:


The index is now on a mixed sentiment as even though it is on a correction sequence below the 1D MA100 (green trend-line), the 1D RSI hit the 30.00 oversold limit as this Bearish Leg almost completed a -8.50% decline.

During the previous Bearish Leg of the multi-month Channel Up pattern, the index had a relief rally towards the 0.786 Fib, after an initial -8.50% decline. We can see that this took place on the 0.3 Fib (blue) from the top.

As a result we expect a short-term (at least) bounce to 18000. As long as the index doesn't break above the (blue) Channel Down and in particularly close a 1D candle above the 0.786 Fib (18150), we can expect a Lower Low after this relief rally. If it does close above it, we will resume most likely the long-term bullish trend earlier and we will update our position.


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