Current price: 17470
Key point: 17485
Our preferred direction: Sell positions below 17485 levels with 17230 as a first target and then 17130 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 17485 level, targeting the 17600 levels.
Technical commentary
On the 4-hour time frame, the US Nasdaq index fell from this month's high, breaking the lower boundary of the rising price channel from the January low.
In case of closing and stability below the support levels of 17485, the price will head down to the next support levels at the levels of 17230-17130 which are consistent with the expected harmonic BAT pattern.
