A break out of this channel might show us the direction of the next intermediate trend. The NDX will likely chop around in this range for the next 3 days leading up to the Fed, with the Fed likely providing the catalyst for a channel breakout.
Since the trend is up and the NDX has been consolidating sideways, the probabilities are for a breakout to the upside as a continuation of the trend.
NDX 20 day Hourly Chart
NDX Daily Chart
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