• Nasdaq-100 under bearish pressure
• Likely to fall to support level 1280.00
Nasdaq-100 index under bearish pressure after the price broke the support trendline of the daily up channel from last November and the round support level 13000.00, as can be seen from the daily Nasdaq -100 chart below. The breakout of these support levels accelerated the active short-term corrective wave (iv) – which belongs to the extended upward impulse sequence 3 from end start of November.
Given the prevailing bearish market sentiment – also strengthened by the significant Tesla losses after Elon Musk commented Bitcoin price was too high – Nasdaq-100 index is likely to fall further toward the next support level 1280.00 (low of the previous correction (iv) and the forecast price for the completion of the active corrective wave (iv)).