117000 is key. it’ll decide whether this is a bearish retest or just a deviation. i believe it’s a bearish retest and we’re setting up for 110-114 next.
last drop came when price kept failing to hold above EQ. now we’re below the EQ of the ath/previous ath range. if price can’t reclaim that either, a deeper drop is likely. a 12h close above EQ could open the path toward 120-121k, but that’s the less probable case in my view.
why? nasdaq and spx are in premium zones (fib extensions), and holidays are near for big players. as profit taking hits there, pressure will echo here. simple cause, predictable effect.
last drop came when price kept failing to hold above EQ. now we’re below the EQ of the ath/previous ath range. if price can’t reclaim that either, a deeper drop is likely. a 12h close above EQ could open the path toward 120-121k, but that’s the less probable case in my view.
why? nasdaq and spx are in premium zones (fib extensions), and holidays are near for big players. as profit taking hits there, pressure will echo here. simple cause, predictable effect.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.