Chart of the day

NASDAQ is trying to break below a 17600 downside resistance. A break below this level is required for a downside pullback and a test of the strong upside support of 16200. A break above the 18500 is required for another bullish long-term cycle.

Only in the case of a clear confirmed break below 16200, we can see an invalidation of the new bullish long-term cycle which will mark the end of the fifth wave. Until then the key levels are 18500 and 17600 for a short-term trades

_{Short trades could be opened here with a stop loss above 18300 or upon a confirmed break below 17600. Long trades could be open upon a break above 18500.}