Bearish Momentum

Key Levels:
Pivot: 11793.75
Support: 11080.25

Preferred Case:
On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will drop from the pivot at 11793.75 at the pullback resistance in line with the 50% fibonacci retracement to the 1st support at 11080.25 at the swing low in line with the 61.8% fibonacci projection ,

Alternative Scenario:
Alternatively, price may rise to the pivot and break the resistance to rise to the 1st resistance at 12233.00 at the swing high in line with the 78.6% fibonacci projection and 61.8% fibonacci retracement .

With the possibility of US recession, soaring inflation and higher interest rates, we have a bearish bias on NAS DAQ.