The year 2023 proved to be exceptional for PEPPERSTONE:NAS100, witnessing a 70% increase in the index. However, the onset of 2024 brought about a correction in the index.
Notably, the rise observed in December is confined within a rising wedge, suggesting a potential reversal. The index has indeed breached the rising trend line of the wedge, and the recent rebound serves as confirmation of this break. Also NAS100 appears to face challenges surpassing the 17k mark.
Confirmation for a new downward move would occur with a break below 16500. In such a scenario, levels to monitor for bearish targets include 16200, 15700, and a significant 14500.
Having big short position on this scrap pump. This pump is not reflecting reality it ia just a game of short liquidations. Instead small caps are crushing like hell preparing the worst to come. Just an opinion, do not shoot me.
Mihai_Iacob
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@dcata20, yes, I also think it will drop hard. I m not short yet, though
MyCryptoParadise
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A downward move could be confirmed with a break below 16500, with bearish targets at 16200, 15700, and notably, 14500.