This NASDAQ Composite price target watch will focus on longer-term price targets I've previously calculated for the index. To do that I will be using a monthly candlestick chart and a weekly candlestick chart. Monthly and weekly candlestick charts also tend to eliminate some of the daily price movements which do not matter as much as the overall trend, IMO.
So let's dive into this NASDAQ Composite price target watch and confirm price targets and trends.
NASDAQ Composite Price Target Watch
This first chart is a 20 year monthly candlestick chart. The long-term black Fibonacci Extension Tool has its Golden Ratio (the 161.8% Target Line) at the 8,294 price level.
The Golden Ratio is considered a key growth level where one of two things usually happen. The first thing is a possible consolidation period. The second thing is a growth outbreak.
So what should you be looking for during this NASDAQ Composite price target watch? Even with the possibility of a growth outbreak, I would think that the black 161.8% Target Line for the NASDAQ Composite…….
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I review the next set of price targets for the index and the likelihood that the targets are reached.
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