NASDAQ consolidation until the CPI.

9 gru

Nasdaq (NDX) hit our 21650 Target that we set exactly 2 weeks ago (November 25, see chart below) and is now entering a consolidation phase (orange Rectangle):

As long as the 4H MA50 holds, the uptrend will stay intact within this 3-month Channel Up. We believe that this consolidation is similar to the September 13 - 19 price action, which also started after a +6.80% rise and with the support of the 4H MA50, it resumed the rally and peaked on the 1.5 Fibonacci extension.

As a result, we expect Nasdaq to stay ranged until Wednesday's U.S. CPI report and following that to resume the uptrend, targeting 22300 (just below the 1.5 Fib).

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