NASDAQ (NQ1!), H4 potential for bearish dip

Title : NASDAQ ( NQ1! ) , H4 potential for bearish dip
Type: Bearish Dip
Resistance: 13979
Pivot: 13791.25
Support: 13110.5

Preferred case: On the H4 chart, price is near pivot level of 13791.25 in line with 50% Fibonacci retracement . Price can potentially dip to the take profit level of 13110.5 in line with 61.8% Fibonacci projection . Our bearish bias is supported by the ichimoku cloud indicator as price is trading below it.

Alternative scenario: Alternatively , price may continue its rally to the graphical pull back resistance level of 13979 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection . Our bearish bias is supported by the ichimoku cloud indicator as price is trading below it.

Fundamentals: With the escalation of the RUSSO-UKRAINE war and the gradual increase sanctions on the Russia economy, it is unlikely that NASDAQ will break the bear market cycle anytime soon. As technicals and fundamentals align, NQ1! might be a good opportunity to look into.