NASDAQ – Short// [H1-M5]

After the recent Change of Character (ChoCH) and breakdown into a lower low, the market has established a new dealing range and change of bias. When price action trades inside the premium retracement zone (62.5%–75%), where we identified two heavy negative delta clusters, suggesting aggressive sell-side interest, we have just to wait a trigger.

Internal Supply (H1): aligned with the 62.5%-75% retracement and negative delta.

External Supply (H1): positioned at the extreme premium retracement, acting as a structural resistance wall for the bearish bias.

Unless price achieves a clear breakout and acceptance above these zones, the bias remains bearish, with continuation favored in line with the newly established structure.