NASDAQ: Mid Term Forecast: 20.04.2021

On April 8 I posted a Candles Speak on Four Gaps in Nasdaq. Tomorrow could be a day of reckoning:

  1. Possible completion of a Bearish Island. If NDX gaps down tomorrow, that would be it. I guess NFLX earnings call could be a trigger.
  2. Possible formation of a Double Top. This one is at least one week away. The Neck line area would be a very important support.

Forecast

  1. Minimum retrace
    0.786 of wave A – 12740
  2. Highest probability
    1.000 – 1.272 of wave A – 11900-12400
  3. Possible, but less probable at this point
    – 1.618 – 2.618 of wave A – 9700-11300

The most critical for the next week or so is the action around the Neck line. If broken through, the third option would become very probable.

This is the previous update on April 8:

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