NAS100 Outlook 4 day forecast 233-Minute Chart: Larger Trend Outlook
1. Wyckoff Phases (A to C)
The market is progressing through Phase B of a Wyckoff distribution pattern.
Notable components of Phase B:
Buying Climax (BC) indicates the peak of buyer exhaustion.
Upthrust (UT) in Phase B suggests an overshoot in price before the market begins to decline.
Sign of Weakness (SOW), which signals a bearish move as selling pressure increases.
Current Phase: The market is transitioning to Phase C, where a further markdown is expected after the completion of this consolidation.
2. Elliott Wave Analysis
The chart identifies that NAS100 is completing the 5th wave in a corrective structure.
Wave 4 has already completed, and Wave 5 is in progress. Wave 5's conclusion will determine the next key directional move.
3. Fibonacci Levels
Major Fibonacci retracement zones:
0.618 level at 20,050.4
0.5 level at 19,967.1
These levels will serve as resistance in the short term.
Key Support/Resistance Zones:
Resistance Zone: Between 19,967 and 20,050.
Support Zone: 19,744.6, where the price has previously reacted.
34-Minute Chart: Short-Term Behavior
1. Bearish Order Block
The bearish order block above 19,900 suggests sellers are defending this area. Any retracement into this zone will likely face heavy resistance.
2. Wave 5 Completion
The smaller timeframe shows the final stage of Wave 5 unfolding, pointing towards a potential completion around the 19,744.6 support area.
3. Invalidation Level
A key level to watch is 19,996.3. If this level is breached and the price sustains above it, the bearish thesis could be invalidated, indicating a potential reversal to an uptrend.
Expectations for the Next 4 Days
1. Bearish Continuation
The dominant trend remains bearish, with the Sign of Weakness (SOW) pointing to further declines.
A primary target is the 19,744.6 support level, with a possible extension down to 19,663.2.
2. Short-Term Retracement
Before any deeper decline, there may be a retracement towards the 19,967 to 20,050 region. However, expect this area to act as a resistance zone, limiting further upward movement.
3. Volume Signals
If volume increases on the way to support, this could signal the start of a stronger sell-off. However, if volume weakens, it could indicate exhaustion, potentially leading to a brief pause or consolidation before further moves.
Levels to Watch
Resistance Levels:
19,996.3 (Key Invalidation Point)
19,967.1 (0.5 Fibonacci)
20,050.4 (0.618 Fibonacci)
Support Levels:
19,744.6 (AR Distribution Support)
19,663.2 (Wave 5 Invalidation)
Concluding Insights
Over the next 4 days, the primary expectation is for NAS100 to continue its bearish movement. The 19,744.6 support level is the most likely target for the current decline. A short-term retracement is possible, but any rally into the 19,967-20,050 range will likely face strong resistance. Volume and price behavior near these critical levels will offer further insights on whether the market will continue to trend lower or show signs of reversal.
