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
do you feel that last week's price was actually the bottom of wave 5 or it can still drop more next week as the price closed above 12100 today although with a very unusual squeeze it seemed
xtremerider8
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@Breadbinn,IMO I believe wave 5 of c is not yet complete. Oversold rally may take it even to 13k, the 0.382 but could still be rejected down after double top…therefore still equal high & lower low. I may nimble if it BO of channel & yellow resistance zone, but short at 13k. I’m wrong 70% of the time so dont trust me.