Nasdaq-100 Wave Analysis – 21 February 2023

• Nasdaq-100 broke pivotal support level 12235.00

• Likely to fall to support level 12000.00

Nasdaq-100 recently broke the pivotal support level 12235.00 (former strong resistance from December) intersecting with the 38.2% Fibonacci correction of the previous sharp upward impulse from January.

The breakout of the support level 12235.00 was preceded by the breakout of the sharp daily up channel from January – which accelerated the active impulse wave 1.

Nasdaq-100 can be expected to fall further toward the next round support level 12000.00 (target for the completion of the active impulse wave (iii)).