The NASDAQ Composite has completed a textbook double bottom pattern on the daily chart, a bullish reversal formation that suggests significant upside potential. The pattern formed with lows at 14,800 in October and November, with a neckline break above 15,400.
The measured move target projects to approximately 16,000, representing roughly 15% upside from current levels. Volume confirmation was present on the breakout, adding validity to the pattern.
Key technical levels to watch: - Support: 15,400 (former neckline, now support) - Resistance: 16,000 (measured move target) - Stop-loss level: Below 15,200