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The NASDAQ rose above the 12,175 highs on Monday before finding resistance and pulling back. The index closed lower at around 12,000, indicating a probability of a continued correction for the next few days. Bulls will be poised to hold prices above the 11,090 interim support to keep the near-term structure intact. Near-term upside potential remains through 12,900.
The NASDAQ has been dropping since November 2021 after printing all-time highs at around 16,764. Since then, prices collapsed over the next several months to 11,090. A high probability remains for a three-wave corrective pullback that could push the price up to 14,75 in the next several weeks.
The NASDAQ has initiated a potential lower degree upswing since June 16, 2022, after printing the 11,090 lows. Further evidence is required to confirm that a bottom is in place and a break above 12,900 will encourage bulls. Traders might be preparing to cautiously hold long positions against 11,000 going forward.
Potential rally through 12,900 and up to 14,575 against 11,000
Good luck!
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