The NASDAQ price action shows a clear bearish Elliott Wave structure, currently unfolding a 1-2-3-4-5 pattern. Price is in the corrective wave 4, potentially reversing around the 19,371.9 area, which overlaps with a previous supply zone.
From the local high at 19,508.1, bearish momentum has increased, and we expect one final leg down toward wave 5, targeting the 19,053.1 level or even the extended 18,920 (200% Fibonacci) zone.
Key levels:
Resistance: 19,371.9
Support: 19,053.1 and 18,920
Potential strategy:
Watch for a clear rejection around 19,370–19,400 to enter short positions targeting 19,050 or 18,920. Confirm with price action.
From the local high at 19,508.1, bearish momentum has increased, and we expect one final leg down toward wave 5, targeting the 19,053.1 level or even the extended 18,920 (200% Fibonacci) zone.
Key levels:
Resistance: 19,371.9
Support: 19,053.1 and 18,920
Potential strategy:
Watch for a clear rejection around 19,370–19,400 to enter short positions targeting 19,050 or 18,920. Confirm with price action.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.