Nasdaq 100 – Large Corrective Structure + Balancing Zone | Jan 5
Nasdaq 100 – Large Corrective Structure & Balancing Zone Key For Bulls (daily chart)
For the last two months the Nasdaq 100 index has been stuck in a large corrective structure and balancing zone between 4450 and 4700. We’ve seen 3 touches on each side and bears are currently pressing against the lower support zone as of late.
This structural bottom is key to the bulls MT for breaking here and 4400 cleanly likely means stops being tripped and decent losses with potential to reach 4100 or lower.
Bulls looking to get in here will want this key support level to hold targeting the top of the range. Bears will want to wait for a breakout pullback setup after clearing below so there are plays on both sides here.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book