2022/02/21 14:41 PM – NASDAQ 100 MINI FUT -W1 – ONGOING DOWNTREND !

NASDAQ 100 – ONGOING DOWNTREND… by Ironman8848 on TradingView.com

WEEKLY (W1)

Ongoing downside price action, close to the former low of 13’706 reached in January ahead of the first technical target I am still calling for @ 12’894 (see my previous analysis), which is the 38.2%  Fibonacci retracement of the big rally (6’628.75 – 16’767.50). 

A move towards this level would confirm a downside breakout of the clouds bottom support, currently @ 13’170 and therefore would add further selling pressure. 

RSI @ 36.48 is still converging to the downside. 

Only a sustainable recovery above 14’550 (weekly top clouds area) would neutralize the ongoing downside risk and would force to a view reassessment of this expected  bearish scenario. 

LOOKING AHEAD TO THE UPSIDE KEY  PIVOT LEVELS REMAINS BETWEEN 15’182 AND 15’436 !!!

Last but not least, do not forget that even if the  NQ1 reached 12’894, it would only be the 38.2% Fib ret and therefore there is still plenty of space below towards the 50% Fib ret @ 11’698 with intermediate support around 11’300 (monthly clouds bottom area). 

DAILY (D1)

WATCH THE SECONDARY DOWNTREND LINE RESISTANCE, currently @ 14’350 AS THE FIRST SIGNIFICANT RESISTANCE TO BREAK on this daily time frame. 

Downside : watch carefully at the ongoing price action and at the daily closing level (potential  bullish divergence!! 

4 HOURS (H4) 

Potential  RSIbullish divergence in progress (wait for ongoing candle closing) for validation or invalidation 

1 HOUR (H1) 

Also potential  RSIbullish divergence ! check ongoing candle closing price !) 

IRONMAN8848 & Jean-Pierre Burki 

Disclaimer / Avertissement :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

Toutes les opinions exprimées dans mes analyses sont les miennes et ne représentent pas les opinions d’une entité, quelle qu’elle soit, avec laquelle j’ai été, je suis ou je serai affilié. Toute action que vous entreprenez sur la base des informations contenues dans ces analyses est strictement à vos propres risques et ne doit pas être considérée comme un conseil. L’auteur n’assume aucune responsabilité pour toute erreur ou omission dans le contenu de ses analyses. Les informations contenues sont fournies “en l’état”, sans garantie d’exhaustivité, d’exactitude, d’utilité ou d’opportunité et sans aucune garantie de quelque nature que ce soit, expresse ou implicite.