Nasdaq US100 Chart Technical Outlook seeing a period of consolidation
Although we have seen a correction to the upside from the 17,248 swing low, we are now witnessing a period of consolidation.
This could be seen in two ways:
- The first is a Wyckoff accumulation period. This would suggest that a breakout to the upside is false.
- The second is a flag formation. This offers a measured move target of 18,966.
With the medium-term bias being bearish my preferred stance would be to sell into gains.
