NASDAQ New Bullish Leg targeting 20900.

Early last week (August 05) we mentioned the importance of Nasdaq (US100) to close its 1W candle above the 1W MA50 (blue trend-line), after touching it for the first time is 17 months:

Eventually it succeeded at it and that caused a strong weekly reversal that even closed the 1W candle in green, which was the first after three straight red weeks. Technically, this could translate into the stop of the Channel Up correction, but this is only confirmed after a break above and successful re-test of the 1D MA50 (blue trend-line).

During the previous two Bullish Legs that followed a Channel Up Higher Low, the index made initially a +20.88% rise and then on a more long-term horizon, extended to +48.00%.

As a result, even though we are long-term bullish on the index, you can go after even shorter term targets, with the immediate one being 20900 (+20.88% from last week's Low).

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