Chart of the day

Where do we stand fundamentally?

NASDAQ pulled back recently because mostly of the profit-taking and rotation to other stocks from tech companies. NVDA lost most of its value.

NASDAQ is supported by the 18500 level of an uptrend line for a ride to the 24500 within the fifth upside short and the long-term wave and to complete a complex consolidation in the fourth wave. We need to see a break above 19400 for the upside continuation in the fifth upside wave to happen and gain traction.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle is 17300. As said this extension higher could lead to 21000 and 24500 targets in the medium-term to long-term if we get a confirmed break above 19400.

_{Try a long trade entry with a stop loss below 17800 to target 19500 and higher upon a break above this level.}