Chart of the day

NASDAQ is close to test 16000 which is a downtrend channel resistance line close to the Fibonacci retracement of December 2021 and December 2022. A confirmed break above will open the strong upside reversal and completely change the direction by invalidating the downside.

A rejection here would lead to a reversal lower in the swing range lower bound of the rising wedge 14750 which is also the key downside resistance level. A break above 16000 completes upside reversal and an extension higher will mark the five waves upside finished.

Long trades, you can open upon a break above 1600. For the short trades, if you are more inclined to risk you can open here with a stop loss just above 16000 for a swing lower to 14700. If you are more conservative wait for a break below 14700.