NASDAQ is not yet done with downward momentum
The dead cat bounce only lasted a couple of days, and it gave way soon and very quickly yesterday (pre-market). This breakdown was with decent downside momentum, and was also off the 50% Fibonacci retracement level, as observed in the 4H intraday chart above.
By projecting forward using simple geometric extensions combined with Fibs, 10,800 is the next downside target (yellow arrows), which could happen swiftly or drag another week. Honestly, do not know which is worse.
In another view, we see a range from 12565 to 11700, which the latter would attempt to provide some support (aqua arrows). Breaking down and out of this range, similarly points to circa 10,800, but in a more swift take down.
Daily technicals employed here support the downside momentum and targets.
So, look for support early-mid next week, if we get a new intraday low, yeah?
By projecting forward using simple geometric extensions combined with Fibs, 10,800 is the next downside target (yellow arrows), which could happen swiftly or drag another week. Honestly, do not know which is worse.
In another view, we see a range from 12565 to 11700, which the latter would attempt to provide some support (aqua arrows). Breaking down and out of this range, similarly points to circa 10,800, but in a more swift take down.
Daily technicals employed here support the downside momentum and targets.
So, look for support early-mid next week, if we get a new intraday low, yeah?
So, let's see if a higher high is achieved...