Playing around with Fib channels, trying to find a bear target. 10.5k NQ should show some support as it's not only 62% linear retrace from Covid bottom, but 62% fib channel retrace from 2009 bottom to 2021 ATH. Below 10.5k gets steep pretty fast. Would be looking for 8800 or 7750 based on previous bottoms on the longer term fib channels, shown below.
Kommentera:
8800 would be a major bull TL support and 7750 is near 62% fib channel bottom where it bounced in 2018 and 2020.
Kommentera:
Drawing a fib channel from 2016 gives interesting results as well. 10.5k is back to the 1.
Kommentera:
More local look says 9400 bear target