NASDAQ COMPOSITE INDEX WEEKLY GANN ANALYSIS FOR MAY 2024

19 mag

Nasdaq Composite Index had made an important swing bottom in the week of 10 Oct 2022 at 10088.83. As per monthly time cycle Sept 2022 was important we were off by two weeks. The level os 10000 was psychological support which was protected. Next target on it was Gann 50% Rule at 15000. This was attempted by it with a high of 14446.55 and 14370.91 at 50% time on the weekly time cycle at the fag end of July 2023. Thereafter we corrected for 12 weeks to make a low of 12543.86 on 23 Oct 2023 weekly candle. This was again 50% rule applied of the 50% rise given by the index. So from here we expected another 50% growth on price with targets of 17500.We have a recent high at 16797.83 on the last weekly candle. next week is important timewise and the figure of 17000 is important and 17500 is more important for the Nasdaq Composite. Let's see where we hit on the time cycle.
Happy Trading !!!
N.B. Not a financial advice to buy or sell.
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