NASDAQ: Final phase of rise is starting. Santa's rally.

٢٣ نوفمبر ٢٠٢٣

Nasdaq has been rising since October 26th and the bottom on the HL trendline of the year long Channel Up. The 1D technical outlook is bullish after turning overbought on Monday (RSI = 68.584, MACD = 265.250, ADX = 67.453). So far its structure is much like the rise at the start of the Channel Up during the whole month of January.

That one peaked on the 1.5 Fibonacci extenstion from the last LH, while the 1D RSI turned flat above the overbought margin and reversed. However the 1.5 Fib made a +20% rise. The November rally is already fractionally over the 1.5 Fib with the RSI also reversed after being overbought but the +20% extension is far from being completed. It will be done at 16,870. Consequently if we don't get a strong rejection by Monday (tomorrow is early close), we will buy any 1D candle closing over the 1.5 Fib and aim at near +20% (TP = 16,850).

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