NASDAQ testing its 4H MA50. Will it offer Support?

Nasdaq (NDX) has been trading within a Channel Up since May 11 and is approaching its 4H MA50 (blue trend-line) today following a Wednesday initiated pull-back.

Technically this is so far a normal correction for this pattern, which offers a short-term buy signal as the 3 times during those 4 months that it broke convincingly, it rebounded on or close to the 4H MA200 (orange trend-line).

As a result, if the 4H MA50 offers a rebound, we could see a +9.80% rebound from the 4H MA200, the minimum that this Channel Up has delivered upon a Bullish Leg. That gives a Target of 24800.

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