NASDAQ Another 2 weeks of consolidation possible

30 May

Nasdaq (NDX) made the bullish break-out that we largely expected as described on our previous idea (May 15, see chart below) and almost hit our 19100 Target:

Right now we see a short-term pull-back, which based on the November - December 2023 fractal (green ellipse), should be at worst a 2 week consolidation. The 1D RSI also shows that symmetrically we should be at a point similar to December 06 2023.

That fractal then rose for a Higher High on the 2.236 Fibonacci extension. As a result, our medium-term Target is now set at 19900 (just under the 2.236 Fib and top of the 1.5 year Channel Up).

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