Chart of the day

NASDAQ is testing the upside wedge support 17800. A break below this level can lead to a downside reversal and a pullback to 16400. This will mean that the short-term five waves are finished.

Only in the case of a bounce from this level and a break above 18500, we can expect an upside continuation and a test of 20000. Only a break below 16000 will mean a complete break of the five waves long-term, until then this is considered to be a pullback.

_{Long trades could be opened here only in the case of a break above 18500. Short trades you can open upon a confirmed break below 17800 with a stop loss above 18500.}