Technical analysis for NASDAQ 100, the index reached the target of the fifth bullish wave on the daily chart at 0.618 FIB extension at 15 630 and started a pullback. The first target for this pullback at 0.386 FIB retracement on the weekly chart at 14 650 was reached.
On the daily chart, the NASDAQ 100 broke below the previous daily low, extending the pullback to a full breakdown. The first target of this breakdown is the 100% FIB extension at 14 480, the second target is the 1.272 FIB extension at 14 240, and the third target is the 1.616 FIB extension at 13 940. On the weekly chart, we have the 0.618 FIB retracement just above 14 000. Therefore we must watch the zone between 13 940 – 14 000 for a potential bounce, rejection, and reversal.
On the other hand, if the NASDAQ 100 index breaks above 15 357, it will signal the conclusion of the bearish pressure, and it will send the index higher toward the previous high at 15 696.