NASDAQ 100: Relief Rally Before a Breakdown to New Lows?NAS100BLACKBULL:NAS100SouthernCapitalAlphaThe Nasdaq 100 is approaching an important decision point. After the recent sell-off, I believe the market could still stage a short-term recovery toward the confluence of the descending trendline and horizontal resistance near 29,400–29,600. This rebound would not invalidate the bearish outlook. Instead, it could simply form another lower high before sellers regain control. Bullish Scenario (Short Term) Price rebounds from current support. Rally into 29.4k-29.6k. Liquidity is taken above recent highs. Bears defend the descending trendline. Bearish Scenario (Preferred) Rejection from resistance. Break below recent swing lows. Acceleration toward the 26.8k-27.0k support zone. Potential creation of new local lows before a larger accumulation phase. What Supports This View? Multiple rejections from the descending trendline. Lower highs continue to dominate market structure. RSI remains below its longer-term bearish trendline, suggesting momentum has not shifted back to the bulls. Current price action resembles a corrective bounce rather than the beginning of a new impulsive uptrend. Key Levels 🟢 Support: 28,180 🔴 Resistance: 29,400 - 29,600 🎯 Bearish Target: 26,800 - 27,000 As always, this is a probability-based scenario. A sustained breakout and close above the descending resistance would invalidate the bearish thesis and suggest buyers are regaining control. Technical analysis describes probabilities rather than certainties.