Market Analysis (02 June’21)

Nasdaq has been in a consolidation mode for the last several months. It appears that the index continues to build a Rising Wedge pattern. If this pattern plays out, I will expect the following price action during the next several months.

This scenario assumes the following:

  1. NDX closes above the 13800 level this / next week
  2. NDX reaches the new all time highs in June
  3. NDX hovers around the 14000 level in June / July
  4. Finally, NDX breaks out from the Rising Wedge in August

NDX, 1d

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