NDX Weekly Channel

A few weeks ago we broke out of the top of a weekly channel that had previously held for 2 1/2 years. The bearish action over the past 2 weeks has placed the NDX back in the weekly channel again with the last weekly candlle being a topping tail. There's some horizontal support in the 1900 area and a 20MA in that same area. Looking at the chart though I see more support at the 1850 level on the short term. After that huge red candle 2 weeks ago I don't think it's a stretch in this bearish environment to see it reach that 1850 level in the next few weeks if the bearish sentiment remains the same after the Fed announment on Tuesday.

NDX Weekly Chart