NAS100 Analysis: Potential higher timeframe pullback in play

23 Mar

On the higher timeframe, NAS100 remains bullish. However, recent price action suggests that a higher timeframe pullback may be underway, providing a discounted price opportunity.

On the daily chart, a market structure shift occurred when NAS100 broke below the 20,477 level. The most recent price action indicates a short-term pullback to the upside on lower timeframes, potentially to mitigate the internal supply zone and reach premium price levels.

I am closely watching the 61.80% Fibonacci retracement level around 21,028 for potential selling opportunities, with downside targets at 19,113 and 18,297.

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23 Mar

Not

On lower timeframe price has broken a structure to the upside suggesting that a short term pullback has begun to mitigate the internal supply zone.