Nasdaq - Sharp drop in momentum

Nasdaq's unexpected drop in Momentum suggests further choppiness ahead and sharp moves in either direction should be met with skepticism. If this wave count is correct, we're in a double 4 which corroborates the aforementioned forecast for price action. Sharp movements to the upside should find strong resistance at the Fibonacci extensions whilst downside movements should find support around the GAP level indicated. For the meantime I think the short MA will offer substantial resistance whilst the intermediate MA plays catchup.