Short
NASDAQ 100: Price Projection to Next Support Level
Hi Everyone,
In the past day the long-term upward trendline formed after the March crash has been broken by the Nasdaq 100, which signifies a break in market structure and a reversal.
An ABC pattern is currently being formed and assuming the C wave extends to the same magnitude as the A-B wave, then a price level of 12.3k is expected over the next 1-2 trading days.
Furthermore, this is supported by support at the long-term 24% Fibonacci level, and within the 50-61% range of the intermediate wave.
My current thinking is for this support to hold, and for prices to bounce sharply (above 13k), before a longer term down-trend,
Good Luck,
Kalio
In the past day the long-term upward trendline formed after the March crash has been broken by the Nasdaq 100, which signifies a break in market structure and a reversal.
An ABC pattern is currently being formed and assuming the C wave extends to the same magnitude as the A-B wave, then a price level of 12.3k is expected over the next 1-2 trading days.
Furthermore, this is supported by support at the long-term 24% Fibonacci level, and within the 50-61% range of the intermediate wave.
My current thinking is for this support to hold, and for prices to bounce sharply (above 13k), before a longer term down-trend,
Good Luck,
Kalio
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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.