NDX 100 WARNING: ABC wave C may reach 10500 or even 9500
Since last week I have been warning that there will be a short oversold rally after FED testimonies in Congress & Senate but the worst is not yet over despite retailers rushing to buy the dip & exchanges trying very hard to keep BTC above the impt 20k in order to prevent mass selling.
NDX Nasdaq 100 has been making a downchannel since it turned down after completing wave B @15265. The most probable support is at 10500, which is a 36% crash from ATH. 10500 (double my yellow box) is also a confluence of the 0.618 retracement from pandemic low to ATH & the weekly wma200 level. If 10500 fails then the pre-pandemic top @9500 will be the maximum pain, which is a 42% drop from ATH of 16764.
After ABC ends, the target levels for take profit will be 12k & 13k respectively indicated by blue arrows.
Not trading advice
NDX Nasdaq 100 has been making a downchannel since it turned down after completing wave B @15265. The most probable support is at 10500, which is a 36% crash from ATH. 10500 (double my yellow box) is also a confluence of the 0.618 retracement from pandemic low to ATH & the weekly wma200 level. If 10500 fails then the pre-pandemic top @9500 will be the maximum pain, which is a 42% drop from ATH of 16764.
After ABC ends, the target levels for take profit will be 12k & 13k respectively indicated by blue arrows.
Not trading advice