Hello Fellow traders,

I am sharing with you today's price action on the nasdaq with the hope that you will find it beneficial and learn from it. 

- MNQ has broken multiple internal lows which is a clear sign of its bearish character earlier today in EU session. 

- Each time it broke a low, it retraced back to the last established supply zone (at the previous internal high). 

- in 2 out of the 4 cases, it retraced back to the refined supply zone (red boxes, before breaking the next low). 

- The swing low was obviously the objective short term, which it just retested. 

- Since there are multiple lows at that swing low, I am anticipating a reaction/reversal from this level.

- Long term trend (4h chart, remains bearish), its swing low is way down, which suggests further possible downside before trend resumption to the upside. 


Good Luck,