Nasdaq 100: Rejection Landed

Eleven days ago, I said price was backtesting the underside of the rising wedge on log scale. That level just got rejected.

This doesn’t mean the move is done. In fact, what’s most likely is a second retest early next week. Maybe even a third. That’s typical at major structural areas.

Traps don’t snap shut instantly.
They build. They bait. They squeeze.

Do we have to get another retest?
No. But that’s what usually happens before the rug pulls. One rejection doesn’t clear the board. The market needs to lure in more FOMO. It needs to squeeze shorts and bait longs one last time.

Current Setup:

• First rejection off the wedge is in.

• Structure still broken.

• No breakout confirmation. Just a pause.

• Another retest is likely but not guaranteed.

If we push higher and reject again? That’s the signal.
If we slice through clean with volume and confirmation? That changes the map. Until then, it’s all bait.

Bear Case Still Dominates: