NASDAQ100: Stocks Summer Range Continues as Oil Drives the MarkeUS Tech 100 CashIG:NASDAQew-forecastGood day traders, I hope everyone is doing well. Apparently the markets are still trapped in the summer range. Stocks have seen a pretty interesting reversal lower, while crude oil has extended towards $90 on the ongoing tensions between the US and Iran. It looks like the situation is not ready to improve at this stage, and this is obviously causing new concerns regarding inflation. We know that inflation came down based on the latest US CPI and PPI figures, but with ongoing geopolitical tensions and higher crude oil prices, inflation is likely to remain elevated. In fact, we are still in the middle of the summer, and this range on stocks may not be broken just yet, which is confirmed by the recent sell-off that likely opens the door for even more weakness in the near term. Looking at the NASDAQ100, we see ongoing consolidation with more possible short-term weakness. I really like the structure of the NASDAQ100, which shows a potential ending diagonal in C wave, but there is one more leg down missing to complete the contratrend move, at around 27k-28k. GH