NASDAQ: Oversold at the bottom of 8month Channel Up.

Nasdaq is oversold on its 1D technical outlook (RSI = 26.693, MACD = -501.840, ADX = 53.670), which is the most oversold 1D RSI reading since August 15th 2015. In the meantime, it touched the HL bottom of the 8month Channel Up, a bearish wave that looks much like July 2025. The bullish wave that followed topped on the 1.382 Fibonacci extension. If candle closings are contained inside the Channel Up, we expect it to attract a lot of new buyers and initiate the new bullish wave to at least the same Fib. Long trade, TP = 23,400. A closing under the Channel Up, should test though the 1W MA100 (TP = 18,000).


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