Nasdaq100 (US100) Chart Technical Outlook mixed trading within the bearish channel * We have seen mixed and volatile price action for the last 58 trading days. This has resulted in a corrective channel formation being posted on the daily chart. Trend line resistance is located at 15,382. On a larger timescale, we look to have completed a bullish Elliott Wave count (5 waves) at the 15,938-swing high posted on July 19. This would suggest we are now in the corrective ABC leg to the downside. The first significant support barrier is located at 14,060. Breaking down into a shorter time frame the four-hour chart highlights a 161.8% extension level located at 15,393. With this being close to the daily channel top, we would look for rallies to be limited. Conclusion: the medium-term focus is on lower levels. With a confluence area located between 15,382 and 15,393, we would look for this zone to attract selling interest.
Resistance: 15,031 (Fridays peak), 15,382 (channel top), 15,393 (161.8%)
Support: 14,190 (channel base), 1
