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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