The daily chart would logically project to the 50 day moving averages if the bounce continues and gains strength because in a down trend that is a notable ‘if’.
The weekly chart agrees that 3600 is the target with the broken trend channel and lateral resistance.
So 2 out of 2 charts agree, the NDX targets 3600 on this bounce. And it is just a bounce folks, until it proves otherwise. For the heck of it, let’s throw in a 3rd chart. Here is the monthly view from NFTRH 286.
It gives a big picture view of an over bought index still undecided as to whether it is going to suck the bears in for a big bear trap (like the run up to 2000) or terminate with one monthly over bought reading (like the cycle that ended in 2007).
I have my hunches on this, but only continuing work will verify.
