NASDAQ Pull-back started. Where to re-buy.

Nasdaq (NDX) made a perfect pull-back and rebound following our most recent analysis and hit (even overextended) our 12530 target:


Since the rise has been that strong we are switching to a Fibonacci approach. The previous two pull-backs (almost) hit both the 0.618 Fibonacci retracement level before rebounding around +9.00%. From yesterday's High, the 0.618 Fib is at 12290. A contact with the 4H MA50 (blue trend-line) will further solidify it as a buy entry. Our buy target in that case will be 13370 (around +9.00% rise, which happened 3 times in January). Additionally, the RSI Buy Zone can also help to determine if that timing to buy is right.

This 1-month pattern will be invalidated if the price closes below the Higher Lows trend-line, in which case Nasdaq will seek the 4H MA200 (orange trend-line) as the long-term Support.

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