Chart of the day

NASDAQ is looking for another test of 16000 after a brief pullback to 15400 in the rising wedge. A break above 16000 would mean a complete reversal higher and an extension higher.

We are in the process of a five-upside wave completion. A confirmed break below yesterday's low of 15400 would ensure that a medium-term top is in place and a swing lower to a key downside resistance of 15100 followed by 14000 would take place. A bounce here which we are having would lead to another swing higher to 16000.

The long trades, you can open only upon a confirmed break above 15600. Short trade entries you can open upon a break below 15400 with the stop loss just above 15600.