Nasdaq 100's "Dip" almost Complete? 📉

Hello, good day traders! 👋🤙

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📰Fundamentally,

Despite Friday's gains, the S&P 500 and Nasdaq Composite still posted weekly losses as recession worries continue to dampen investor confidence.

The major indexes fluctuated earlier in the session after the Federal Reserve's preferred inflation indicator, the core personal consumption expenditures price index, came in slightly hotter than expected on a year-over-year basis, showing that inflation is persisting despite the Fed's efforts to combat it.

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🤔On the technical front,

1.) Looking at the H4 chart with price being below the Ichimoku cloud it indicates a bearish market, I am looking for a sell entry at 11077.97, where the 23.6% Fibonacci line is.

2.) Stop loss will be at 11300.35, where the previous swing high and 38.2% Fibonacci line are.

3.) I intend to take a profit at 10677.48, slightly below where the 78.6% Fibonacci line is located.

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Sell Entry: 11077.97📉

Take Profit: 10677.48 💲

Stop Loss: 11300.35❌

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