Title : NASDAQ (NQ1!) , H4 potential for bearish drop
Type: Bearish drop
Resistance: 13793
Pivot: 13126
Support: 12170
Preferred case: Price near pivot level of 13126 in line with 78.6% Fibonacci retracement. Price can potentially drop to our 1st support of 12170 in line with the 161.8% Fibonacci extension. Our bearish bias is supported by how price is moving below the ichimoku cloud.
Alternative scenario: Alternatively , price may break pivot structure and head for 1st resistance at 13793 where the swing high resistance is.
Fundamentals: With the escalation of the RUSSO-UKRAINE war and the gradual increase sanctions on the Russia economy, it is unlikely that NASDAQ will break the bear market cycle anytime soon. As technicals and fundamentals align, NQ1! might be a good opportunity to look into.
Type: Bearish drop
Resistance: 13793
Pivot: 13126
Support: 12170
Preferred case: Price near pivot level of 13126 in line with 78.6% Fibonacci retracement. Price can potentially drop to our 1st support of 12170 in line with the 161.8% Fibonacci extension. Our bearish bias is supported by how price is moving below the ichimoku cloud.
Alternative scenario: Alternatively , price may break pivot structure and head for 1st resistance at 13793 where the swing high resistance is.
Fundamentals: With the escalation of the RUSSO-UKRAINE war and the gradual increase sanctions on the Russia economy, it is unlikely that NASDAQ will break the bear market cycle anytime soon. As technicals and fundamentals align, NQ1! might be a good opportunity to look into.