Nasdaq -> -20% Massive Drop Ahead!

13 thg 8, 2023

Hello Traders and Investors,
my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of Nas100💪

Looking at the macro view on the monthly timframe you can see that at the moment the Nasdaq is retesting massive resistance of the 10+ years rising channel formation so I do expect a monthly push lower.

With the recent strong rally on the Nasdaq it is quite likely that we will see at least a retest of the 0.382 weekly fibonacci retracement level which is then maybe acting as a first strong support area.

My last analysis on the Nasdaq perfectly played out with the Nasdaq breaking below the daily bullish trendline and creating a double top in the process - therefore everything is currently looking quite bearish and I do expect more daily downside.

Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈

Thank you for watching and I will see you tomorrow!

My previous analysis of this asset: