USTECH100 Nasdaq : The bigger picture disaster of tech :( 22.4

Simplicity is king.

1) Rising wedge 2019 - 2022 - Jan 2022 breakout down.

2) Nasdaq is falling from a crazy over-priced high, big potential downside.

3) Descending trend-line of lower highs since breakout confirm down-trend.

4) Current trading range of the down-trend is 14,600 - 12,800

5) Break below 12,800 - 11,900 to 10,700 will very likely follow.

6) A break above 14,600 with a weekly close will be the end of the down-trend technically.


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Trade active:

13,100 was reached at the lowest within the down-trend.

Musk buying twitter news helped the market rebound within the down-trend.

13,900 and 14,600 are possible retest levels with new lows still targeted!

What do you guys think?

Trade closed: target reached:

12,800 target reached!
Currently bouncing up from, but could break lower any time.
14,600 is still a possibility though very unlikely.

Trade closed: target reached:

11,800-900 support is tested!
A daily close below would confirm potential downside to 10,700 horizontal support!