This is my analysist on Nasdaq I have been bearish since December 2021.
Price will look to retest April 22nd low which also happens to be the price point that was hit for several months in 2021.
Price has been playing inside the 23.6-38.2 Fib Zone (Grey Rectangle) on the daily chart and if we look left you can see that price did consolidate in that area before falling back to the downside. I do believe this to the be the last push to the downside before market tries to retest the 23.6-38.2 Fib area.
I am expecting price to fall from where it currently is (13174.1) at the time of writing this to the points of 12964-12801 (Major Support Area). If price doesn't break through those support levels I am looking for buys to the upside and I will hold those buys through the 23.6-38.2 Fib Zone all the way up to the resistance level where price consolidated the week of April 22nd (Red Rectangle Box). If price breaks through that level then I have price retesting the golden zone in which price shot up to in Feb, March & April before plummeting.
Major Support Low Prices: 12964-12801
23.6-38.2 Fib Zone (Grey Rectangle)
Golden Zone- 14760-15269
Price will look to retest April 22nd low which also happens to be the price point that was hit for several months in 2021.
Price has been playing inside the 23.6-38.2 Fib Zone (Grey Rectangle) on the daily chart and if we look left you can see that price did consolidate in that area before falling back to the downside. I do believe this to the be the last push to the downside before market tries to retest the 23.6-38.2 Fib area.
I am expecting price to fall from where it currently is (13174.1) at the time of writing this to the points of 12964-12801 (Major Support Area). If price doesn't break through those support levels I am looking for buys to the upside and I will hold those buys through the 23.6-38.2 Fib Zone all the way up to the resistance level where price consolidated the week of April 22nd (Red Rectangle Box). If price breaks through that level then I have price retesting the golden zone in which price shot up to in Feb, March & April before plummeting.
Major Support Low Prices: 12964-12801
23.6-38.2 Fib Zone (Grey Rectangle)
Golden Zone- 14760-15269
Comment:
I made a typo and I am just know noticing the beginning breakdown should read April lows not April 22nd low.