Nasdaq continues to develop a Rising Wedge pattern on its daily chart. According to the previous 20+ years, this pattern can be both bearish and bullish. Let’s review prior similar historical precedents.
NDX, 2018 Wedge
NDX, 2019 Wedge
NDX, 2017 Wedge
NDX, 1999 Wedge
If NDX is to break out above the 14000 level in the next several weeks, the odds will favor bullish scenario:
NDX, Bullish Scenario
On the other hand, breaking below 13000 level will favor the opposite – bearish scenario.
NDX, Bearish Scenario