NASDAQ Nothing to stop this uptrend. Next stop 21300.

Time to update our Nasdaq (NDX) thesis from 2 weeks ago (June 20, see chart below), where we called for a pull-back and then a buy on a 20700 Target:

As you can see we got the short-term correction within the (dotted) Channel Up and the index resumed the long-term uptrend of the 8-month (blue) Channel Up. Supported by both the 4H MA200 (red trend-line) and the 1D MA50 (blue trend-line), we expect this uptrend to be extended in a similar way as the January 2024 post 4H MA200 correction rebound.

That sequence completed a +25.78% from the October 2023 bottom, before pulling back near the 4H MA200 again. As a result, we upgrade our Target to 21300, closer to the top of the long-term Channel Up. See also how symmetrical the 1D MACD fractals are between the 2 sequences. We should now be expecting a Bullish Cross, to confirm this Leg's continuation.

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