On the Nasdaq 100 Index chart on the daily timeframe, it can be seen that this index formed a Bearish 123 pattern followed by a bearish Ross Hook (RH) which was also successfully broken and also confirmed by the price closing below the WMA (20) even though the price is still above the 200 MA but with the confirmation of the Andean Oscillator indicator, whose green line is down below the orange line, this confirms that the index's strengthening momentum is missing, which causes #NDX to potentially experience a correction, weakening down to the level of the bullish Fair Value Gap area in the range of 14794.95-14672.85. But if on its way to that level area suddenly for one or another reason suddenly #NDX strengthens again through the 15561.36 level, then the weakening scenario described earlier will cancel itself.
(Disclaimer)