NASDAQ Channel Up to be rejected soon.

Nasdaq (NDX) has been trading within a Channel Up since the start of the month. The primary Support level has been the 4H MA50 (blue trend-line), which hasn't closed a 4H candle below it since July 14.

Right now the index is on its latest Bullish Leg, which can technically extend by +2.35% (max such Leg within the Channel Up).

We expect a rejection targeting the 4H MA50 again at 23200, which would represent a -1.25% decline, the weakest such Bearish Leg we had within the Channel Up.

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