NQ Nasdaq retraced all gains fr Mar2021 rally;1.272 (11k) next ?
NQ gave back all gains from its Mar2021 rally & even broke its 12200 support. If NQ does not reclaim 12200 & hold 12k in the next few days, then the next strong support will be 11k.
16775 ATH is near the 2.618 Fib of 13950 to 12200(Mar2021 crash)
15k is around 1.618
13300 is at 0.618
After the Mar crash, NQ went to make ATH at 2.618, came back to 0.618 for the A wave, relief rally to 15k for the B wave, was rejected down to current price near 12k for the C wave.
If you zoom to lower time frames, NQ has formed a bearish flag & that measured move( blue line) may take it down to 11k.
12k to 11k would be a good accumulation zone. 11k is a strong support. It is also a 1.272 retracement of the Mar2021 rally to ATH so I think 11k will be the worst scenario for now. This will also be a triple bottom ending ABC correction.
Not trading advice
16775 ATH is near the 2.618 Fib of 13950 to 12200(Mar2021 crash)
15k is around 1.618
13300 is at 0.618
After the Mar crash, NQ went to make ATH at 2.618, came back to 0.618 for the A wave, relief rally to 15k for the B wave, was rejected down to current price near 12k for the C wave.
If you zoom to lower time frames, NQ has formed a bearish flag & that measured move( blue line) may take it down to 11k.
12k to 11k would be a good accumulation zone. 11k is a strong support. It is also a 1.272 retracement of the Mar2021 rally to ATH so I think 11k will be the worst scenario for now. This will also be a triple bottom ending ABC correction.
Not trading advice